The Financial Crisis Impact On The Degree Of Economic Integration In The Eu Countries
Our study aimed to assess the degree of heterogeneity of the macroeconomic framework of the 27 EU member countries, against the background of turmoil manifested in the international financial markets. In this regard, we applied a hierarchical cluster analysis technique, for two moments of time, countries being grouped according to the values recorded by a series of key macroeconomic and financial indicators. In the year 2008 we noticed an increase of the groups’ number and fragmentation, due to the amplification of the economic gap in the pan-European area. Empirical analysis revealed the presence of some outlier countries (Bulgaria, Czech Republic, Cyprus, Romania, Poland, Slovenia, Hungary and Ireland) whose macroeconomic features are the most dissimilar with the other EU Member States. We concluded that the increase in countries heterogeneity, as a result of strong imbalances at national level, has a negative impact on the economic integration process and the achievement of real and monetary convergence.
Volume (Year): 10 (2010)
Issue (Month): 1(11) (June)
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