European convergence and the impact of the current economic crisis

Abstract

Real convergence study began with the development of neoclassical models of growth and especially with the passage of econometric applications of these models. In this paper, we present applications of indicators and patterns of convergence on the example of European Union member countries and some current economic impact assessments on the European convergence process. The study deals with the economic convergence of the European countries and especially the convergence of the EU countries, including Romania. The impact of the economic crisis in Romania is studied using the “St.Louis” model. In the end, the study presents several economic scenarios for a faster and easier recovery from the current crisis in Romania.