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Integration and Convergence in the European Union

In: Growth, Employment and Inflation

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  • Pascal Petit

Abstract

The development of the Common Market has undergone a number of different phases since the Rome Treaty of 1960. The successes of the original member countries in the 1960s initially helped to attract new members. Doubts followed in the late 1970s, however, when these economies experienced renewed cyclical disturbances and stagnation. Further integration (especially in the monetary sector) was perceived as a means of protection against external hazards brought on by entry into a world of flexible exchange rates. After the long recession and massive unemployment of the early 1980s, the 1986 Single Market Act was aimed at reinvigorating economic growth by extending European economic integration. Whether trade conditions had changed or whether European integration had begun to experience diminishing returns, the effects of this initiative petered out in the early 1990s, with the process of convergence slowing down (see Figures 11.1 and 11.2).1

Suggested Citation

  • Pascal Petit, 1999. "Integration and Convergence in the European Union," Palgrave Macmillan Books, in: Mark Setterfield (ed.), Growth, Employment and Inflation, chapter 11, pages 149-165, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-349-27393-5_11
    DOI: 10.1007/978-1-349-27393-5_11
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