It is common sense that the euro area needs more convergence to work as intended. At the same time, we lack a common definition. There are two important types of convergence that can both lead to a better functioning European Economic and Monetary Union: real and cyclical convergence. Anna auf dem Brinke, Henrik Enderlein and Jörg Haas argue that we should focus on cyclical convergence first.
Dr. Anna auf dem Brinke works for the German Ministry of economy, she formally worked for the Jacques Delors Centre.
Image: CC BY 2.0, Source: ECP