The convergence process in EU countries in 2001-2010

Abstract

Joining the European Union and the commitment of the Maastricht criteria for adopting the euro increases the interest and the need for analysis of the convergence process. Many studies are connected with the economic growth which is commonly measured by GDP. The paper describes a framework of the theory related to the convergence process with the respect to the advantages and disadvantages of various theoretical approaches. Especially two methods how to measure a convergence are mentioned in the literature and empirical studies: β – convergence and σ – convergence. However, the problem of convergence is related not only to the GDP. In the paper, the convergence process through the prism of a comparative economics is discussed. The comparative economics is relatively a new discipline which analyses and compares the economic systems and processes within these systems; usually within a group of selected countries. The aim is to find common or different characteristics in their development. The article contains the analysis and evaluation of the convergence process of EU-27 countries in 2001-2010 by the technique for ordering a preference using the similarity to the ideal solution. This method enables taking into account not only the GDP, but other indicators as well. In the article, it is shown that the convergence process can be analysed through the comparative economics in the wider context.