By Juan R. Cuadrado-Roura, Marti Parellada
The creation of the one forex within the ecu monetary area constitutes definitely the main seen step in the direction of financial and financial integration within the european. those that boosted the start of the typical marketplace in 1957 dreamt that this may at some point take place as a logical end result of the mixing method. notwithstanding, issues have long past even more slowly than almost certainly imagined, even if if taken in an enough historical viewpoint, it's indisputable that the agreements that experience resulted in eu financial Union characterize a truly bold leap within the means of political and monetary integration in Europe. this can be anything many doubted may ever ensue, yet that's already a truth, even if nonetheless short of a interval of consolidation. the main basic financial outcomes of the EMU have already been analysed in huge intensity. facts of this can be the literature already to be had. ordinarily, there's accident in putting forward that the stability of the consequences anticipated is obviously confident. first of all, a result of expected profits in potency, a end result of relief of transaction bills linked to the former lifestyles of other currencies and of the removing of trade fee uncertainties.
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Additional resources for Regional Convergence in the European Union: Facts, Prospects and Policies
Most of these regions show productivity growth rates higher than the average but lower growth rates in terms of employment (24). Only 5 regions have had a virtuous behaviour (growing upper the average on productivity and employment. On the contrary, 18 of the 29 regions that move downward (losers) are in a situation of economic decline, with productivity and employment under the European average. These results suggest the need to analyse productivity gains taking into account production and employment figures as well as the contribution of each one of the productive sectors.
2 Mobility of European Regions The dynamics of European regions can be effectively studied through a Markov systems approach. As has been underlined in some works (Quah, 1993; Armstrong and Kevernodel, 1997) this technique permits an adequate capture of the mobility of regions. Our proposal in analysing these shifts in the European ranking is to determine some of the factors characterising the winning regions from the losing ones. While it is not necessary to go into a detailed description of this technique, it should be noted that it is a useful tool for studying convergence from a mobility perspective, given the assumption that income levels between regions follow a stochastic process (Quah, 1993).
4. ANOVA Analysis Results for European Regions Variable" Population growth 1977-1986 Population growth 1986-1998 Population growth 1977-1998 Migrationsb (O=negative; I =positive) GDP average growth 1977-86 GDP average growth 1986-98 GDP average growth 1977-98 Low Level of Education(%) Mid Level of Education(%) High Level of Education(%) R+D %Agriculture Employ. 1977• %Agriculture Employ. 50 F Prob. 60 • Density variables and urbanization are not statistically significative bOnly 96 regions with available data have been considered • Corse is excluded Source: Author's elaboration Taking the two precedent results together, regions moving downward have done it in two different ways: GDP growth clearly under the rest of the regions (specially in the crisis period 1977-86) and higher population growth in the period 1986-98.