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Research background: Digitalization in the context of the COVID-19 pandemic has accelerated significantly across Europe, including in regions that are at the stage of catch-up development. However, as innovative technologies are intensively integrated into everyday life, the digital gap between the EU countries is increasing. The widening digital gap is becoming a serious threat to achieving the EU's sustainable development goals and building a sustainable European society. Purpose of the article: The purpose of the article was to empirically substantiate the inclusiveness and convergence of the digital strategy in the EU countries. Methods: Using the method of fuzzy sets, the level of asymmetry in access to transactional (e-commerce), information (cloud computing), operational (artificial intelligence) technologies in the EU countries was assessed. The negative impact of the digital gap within the countries (the gap between small, medium, large companies) and the global digital gap (the gap between EU countries) on the competitiveness of countries was established, for which correlation analysis and the Granger causality test were used. Findings & value added: The findings of this study contribute to the literature of digital transformation and digital gap of European countries. The impact of the digital gap in transactional, information, operational technologies on the competitiveness of countries is differentiated depending on the level of digitalization of the country. Cluster groups of countries are determined by the convergence of digitalization and ways to ensure long-term competitiveness. The directions for reducing the digital gap in the EU countries are substantiated by changing the priorities of spending on innovation and increasing productivity, diversifying the digital technologies used. The empirical results obtained can serve as a basis for improving the effectiveness of the digitalization policy in the EU countries in accordance with individual convergence goals. The main added value of the paper is related to the presented research procedure, which can be used in analyses of digital technologies development also for other countries. The results provide valuable insights into evaluating the digital technologies in European countries. [ABSTRACT FROM AUTHOR]

Real convergence of EU economies can be approached from the perspective of close relations between the state of homogeneity and the existence of conditions that can facilitate it. In this paper we test the hypothesis of beta convergence at national level for the group formed by all 27 EU member states (EU-27), for one of the old Member States (founding members and countries that joined in the first three waves of EU enlargement) (EU-15) and one of the new Member States (EU-10+2) (countries that joined in the last two waves of EU enlargement) and also at regional level for all 271 NUTS 2 regions. For reasons of comparison we will use the same indicator GDP per capita at purchasing power standards (PPS) for analysis of both levels. Given the availability of statistical information, we quantified applying the regression model, the marginal effect from GDP per capita growth caused by the change of condition expressed by the initial development stage. [ABSTRACT FROM AUTHOR]

The reform and development of the financial sector was one of the most significant challenges that the former socialist countries faced during their transition to a market economy. At the start of this transition, their financial system was underdeveloped and centralised (monobank), where the central bank of each economy also functioned as a commercial bank. The restructuring, integration and development of the financial sector to enhance viability and enable it to respond to new demands was imperative, particularly for economic growth and the convergence of these economies with the developed economies of the region. This process of financial integration suffered a powerful shock with the economic crisis transmitted to the region in 2009. The initial aim of this paper is to highlight the problems created after the global economic crisis affecting the financial institutions of the former socialist countries of South-eastern Europe, as well as the problems that already existed, though not apparent, and were nevertheless exacerbated by the outbreak of the crisis. An attempt to investigate the role of the financial sector, dominated by the banking sector, follows, with regard to achieving macroeconomic equilibrium among the economies of the countries in the region and the potential for sustaining it in future as part of a path to growth. To fully satisfy this goal, we propose that it is preferable to avoid a linear approach to the issue, abandoning equilibrium theory to adopt an analysis inspired by the method of cumulative causation, based on the work of Nicholas Kaldor. Our analysis allows us to postulate that, in a post-crisis period, conditions prevail for the potential appearance of future structural impasses of a cumulative nature, which could lead to a systemic crisis and leave the development process of the region's economies exposed. [ABSTRACT FROM AUTHOR]

After more than five decades since the problem of the European monetary integration has been introduced into the arena of the politic debates and after almost two decades of changes towards a viable functioning of the Euro Area, it is interesting to make a review of this process and of its main challenges. The paper tries to provide an overall image of the European monetary integration process, evaluating it from the perspective of several elements that are important for this attempt. Besides the presentation of the historical facts from the Euro adoption, the paper also presents some challenges to the process of monetary integration in Europe, on the short-term. [ABSTRACT FROM AUTHOR]

Business cycle synchronization represents a condition for the successful implementation of the common monetary policy within the Economic and Monetary Union. There is a tight relation between business cycle synchronization and the economic convergence of the Member States of the Monetary Union. Investigating the specialized literature, this study analyses below the factors which influence the synchronization of the economic fluctuations of the economies in the Euro area. A second objective of this study is represented by the pointing out of the evolution of the synchronization process of the business cycle after the adoption of the euro, in the euro area countries by reference to the empiric evidence. The hypothesis of the study states that the introduction of the unique currency in 1999 resulted into the increase of the synchronization degree of the business cycle. [ABSTRACT FROM AUTHOR]

The theory that we shall seek to elaborate here puts considerable emphasis on the impact of cross-border capital flows on domestic financial conditions, the internal financing power of corporate growth, the limits of outside financing through equity capital, the internal financing power of corporate growth, and the convergence of financial systems. The paper generates insights about the emergence of financial conglomerates, the challenges raised by the integration of the financial markets, the global evolution of the economic and financial activity, the European market of financial services, and the creation of the single market for financial services. [ABSTRACT FROM AUTHOR]

The emerging European economies have been converging rapidly toward the more advanced European economies in recent years. However, large external imbalances in parts of the region have raised questions about sustainability and concerns about vulnerabilities. Empirical evidence in this paper up to the end of 2007 and based on a number of methodologies suggests that the convergence trend of emerging Europe is based on strong fundamentals and is expected to continue, but at a slower pace. Moreover, the convergence path may be volatile, as countries with large external imbalances adjust, with risks of a hard landing in some cases. The results also suggest that policy could do more to address the region's imbalances. [ABSTRACT FROM AUTHOR]

This paper seeks to provide a comprehensive overview of the long-term factors that explain divergent price levels across developed and emerging European countries. We provide stylised facts about the structural factors that influence market and non-market-based service, house and goods prices. The stylised facts show that there is much more behind differences in price levels among European countries than the much heralded Balassa-Samuelson effect and that prices other than those of market services are potential determinants of price levels and inflation rates in emerging Europe. Finally, we sketch out the possible mismatches between price level convergence and inflation rates. [ABSTRACT FROM AUTHOR]

The dating of a possible European business cycle has been inconclusive. At this stage, there is no consensus on the existence of such a cycle, or of its periodicity and amplitude, or of the relationship of individual member countries to that cycle. Yet convergence to a common cycle is the key consideration for a successful economic performance in any currency union. The confusion over whether and to what degree the Eurozone countries are converging on a common cycle is one example of this lack of consensus. In general, countries may vary in the components and characteristics that make up their output cycles; and also in their position around the output cycle at each point of time. In this paper we show how to decompose a business cycle into a time–frequency framework. This then allows us to decompose movements in output, at the European level and in member countries, into the component cycles and permits us to see how those component cycles (and the coherence between them) have varied in importance and cyclical characteristics over time. That in turn allows us to determine if the inconclusive convergence results obtained in the past have appeared because member countries have some cycles in common—but diverge at other cycles as a result of the asymmetric transmission of shocks, or external factors, or country specific shocks. [ABSTRACT FROM AUTHOR]

The authors reflect on the two policy issues in the Eurozone, the cyclic convergence and fiscal sustainability. They also exhaust the issue of unqualified single monetary policy for the whole Eurozone with regards to cyclical convergence. Further, they present and discuss 11 selected papers that was dedicated to examine the particular problems that arose since the introduction of the single monetary policy.

Globalization is widely held to circumscribe the parameters of political and economic choice in contemporary Europe, just as it has come to circumscribe the parameters of debate on the future of European models of capitalism. Yet opinions on the question of convergence nonetheless vary markedly, with proponents of the hyperglobalization thesis pointing to a simple and inexorable process of neoliberal convergence while an increasingly influential school of neo-institutionalists point to a rather more complex process of 'dual' or 'co-convergence', reinforcing the distinctiveness of liberal and coordinated market economies. In both accounts, the exhibited pattern of convergence (dual or otherwise) is seen to be driven by globalization. In this paper I provide a theoretical and empirical critique of this important literature, challenging the contextualization of the question of convergence with respect to globalization which both perspectives share. I advance a distinctive variant of the new institutionalism which emphasizes: (i) the contingency of any process of convergence observed; (ii) the frequently political as opposed to economic nature of convergent tendencies; (iii) the counter-tendencies which might be mobilized to such tendencies; and (iv) the invariably far greater significance, in the establishment of common trajectories, of regional rather than genuinely global processes of integration. Though common trajectories are discernible within contemporary Europe, associated in particular with the institutional architecture of EMU and an accelerating process of European economic integration, they have been embraced more or less enthusiastically and at variable paces, leading not to convergent but to divergent outcomes. [ABSTRACT FROM AUTHOR]

The paper analyses the European Commission's latest major initiative in the social field, the European Pillar of Social Rights, examining the rationale behind this project, the merits and shortcomings of the mentioned proposal. Declared as an initiative that tries to overcome the negative effects of the crisis on the labour markets and social welfare systems, to heal the social wounds of Europe, and to renew convergence within the Euro area, this paper analyses the proposal through the lens of the major challenges that Europe is confronting nowadays, the convergence and divergence trends that we experiment inside the Union. Hence, the paper deals with the following questions: Does this initiative respond to the needs and challenges that Europe is facing today?; Does this initiative envisage policy avenues that encourage social convergence, that are capable of making a decisive impact on poverty, in order to reverse the threat of disintegration that faces the EU today?. [ABSTRACT FROM AUTHOR]

In the last 20 years statistical data has become vastly more important for economic policy in Europe. Whereas economic statistics once played a role in relatively marginal areas of European policy, the establishment of the macroeconomic convergence criteria for joining Economic and Monetary Union in the Maastricht Treaty in 1992-1993 sparked a quantum leap. Questions of comparability and harmonisation suddenly became increasingly relevant. The Stability and Growth Pact then made the calculation of the budget deficit and government debt even more important, including the measurement of GDP as denominator for the respective ratios. With the outbreak of the second Greek crisis in 2009-10 and the flaws that emerged in the quality of Greek economic statistics, statistical questions were suddenly at the centre of international media and political interest. At the same time the financial and economic crisis brought to the fore severe economic imbalances, both between European countries and within European countries. In order to prevent similar imbalances in the future, the EU has developed and adopted the "macroeconomic imbalance procedure", in which currently eleven macroeconomic indicators are used for on-going surveillance of countries ("alert mechanism"). Thus more economic statistics have gained an important political function, particularly since sanctions can even be imposed on the basis of them. In parallel with this, the new European Supervisory Authorities use "dashboards" i.e. a range of statistics that are regularly watched and are intended to function as early warning indicators. The paper takes a look at this move towards more "evidence-based policy making" and its implications for European statistics and statisticians and discusses the related challenges, paying particular attention to the role of the European Central Bank and its specific data needs. [ABSTRACT FROM AUTHOR]

The economic convergence and the effects of the economic crisis is a very popular research question. In this paper I propose to examine the convergence process in Central and Eastern Europe by testing the Williamson hypothesis form a multiscalar perspective: at national and at different regional levels as well. By using time series for the GDP per capita, I will try to answer three basic issues: firstly, the trends in convergence/divergence in Central and Eastern Europe, secondly, which convergence clubs have evolved in the analysed space, and, finally, the effects of the financial and economic crisis on the convergence process. [ABSTRACT FROM AUTHOR]

This paper gives a comparative cross-country analysis of the quality of the institutional framework that underpins economic governance in European countries. The paper attempts to identify the trends of change in the quality of institutions and determine if there is a convergence in the quality of EU institutions. The countries included in the analysis are selected groups of EU countries and the Western Balkan Countries. The analysis is based on the results of the executive officers' opinion surveys conducted by the World Economic Forum for the Global Competitiveness Index 2003-2009. In order to identify the relative quality of public institutions and the trend towards convergence/divergence for different clusters of EU countries, a three-pillar composite indicator of institutional quality was constructed from available WEF indicators. The analysis was conducted at the aggregated level as well as for individual countries and pillars, measured in terms of difference to an average rank of survey response in the EU-14 + EU-8 members. [ABSTRACT FROM AUTHOR]

Financial globalisation has been associated with divergent current account patterns in emerging markets. In this paper we test for the relevance of financial market characteristics in explaining different current account patterns in emerging Europe and emerging Asia. We find that better developed and more integrated financial markets increase emerging markets’ ability to borrow abroad. The degree of financial integration within the convergence clubs as well as the extent of reserve accumulation are found to be the most significant factors to explain divergent current account patterns in emerging Europe and emerging Asia. [ABSTRACT FROM AUTHOR]

Copyright of Cuadernos de Relaciones Laborales is the property of Universidad Complutense de Madrid and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

The aim of this paper is to study the space-time dynamics of European regional per capita GDP. A sample of 138 European regions over the 1980–1995 period provides clear evidence of global and local spatial autocorrelation as well as spatial heterogeneity in the distribution of regional per capita GDP. The detection of spatial clusters of high and low per capita GDP throughout the period is an indication of the persistence of spatial disparities among European regions. The dynamism of European regions is investigated by exploring the spatial pattern of regional growth. Implications for applied econometric work on the convergence of European regions are then suggested. [ABSTRACT FROM AUTHOR]

This paper attempts to show that convergence or divergence in the European Union (EU) will be influenced by developments in the periphery of Europe to a considerable extent, although the core situation cannot be ignored. In essence, therefore, it is the relationship between core and periphery that will determine the future of the EU. The main thesis of this study is that the EU economic position is such that divergence is more likely to occur than convergence. The focus of the analysis is what has come to be known as ‘Peripheral Fordism’, which enables us lo suggest that periphery prospects for economic development are predicated upon substantial expansion of their industrial sectors based on indigenous forces. It is therefore the existing institutional structure within the EU that poses obstacles to convergence. [ABSTRACT FROM AUTHOR]

Within the European Union, regional economic performance and economic development respect the principles of the core-periphery model, with core-countries in Northern and Western Europe and periphery-countries as the Southern and Eastern European states. Thus, although treaties and cohesion policies promote balanced development throughout the European Union, it continues to be a divided entity. Despite the efforts of both public institutions at both the national and EU level, and the private sector, inequality still persists and in some cases is increasing. In analyzing the causes of these perpetuating disparities and especially in shaping solutions to ensure balanced development throughout Europe, one should take into account that when joining the European Union, its Member States should be treated as regions of a supranational organization. Hence, it follows that development and growth programs, as well as the allocation of cohesion funds must consider the dissimilar socio-economic and cultural backgrounds encountered in the Member States, the 'one size fits all' approach threatening to intensify Europe's North-South division. Using panel data, this paper provides an empirical study of the inequality determinants, aiming to identify convergence or divergence trends across countries and regions of Eastern Europe. Our findings partially confirm the theory, indicating that, in the long run, the new EU Member States recorded a process of convergence, reducing the gap between rich and poor regions, even if in the short-term, and especially in times of economic crisis, the economic disparities may widen. Moreover, the results highlight that there is potential for boosting GDP per capita in all territorial units analyzed. [ABSTRACT FROM AUTHOR]

This paper examines whether there has been convergence of total factor productivity levels across twenty-two EU member and three candidate countries following the process of legislative harmonization. The results indicate evidence of β-convergence and σ-convergence in productivity across sampled countries. The results further indicate that all sampled banking sectors seem to have experienced a significant productivity growth over the sample period. The productivity growth levels range from 3.1% to 15.6% and 6.8% to 19.5% in the old member and new member states, respectively. The geometric means considering all banking firms in the new member and candidate countries together reveal that banking sectors in these countries were more productive than those of in the old EU member countries. Overall, the evidence indicates that promoting merger and acquisition activities in the banking system (and hence supporting market driven consolidation of smaller banks) and enhancing the presence of foreign banks could increase competition and productivity in these banking systems. [ABSTRACT FROM AUTHOR]

Abstract: The Black-Scholes model is a renowned pricing method for European options. Weather derivatives are a financial product at the convergence of the insurance and stock markets that are at the present of a high level of interest. This product can hedge and be a profitable investment at the same time, and can be used on its own or as part of a portfolio. In this paper we wish to analyze if and how the Black-Scholes model applies to Weather derivatives. [Copyright &y& Elsevier]

Abstract: In this paper, per capita CO2 convergence among the EU-25 countries between 1920 and 2007 is analysed using the distribution dynamics approach. Furthermore, the analysis is complemented by investigating the asymptotic half-life of convergence, mobility indices and the continuous version of the ergodic distributions. The novel aspect of this work consists in the fact that it examines whether patterns could differ if weighted by either the population of each country or their economic sizes. The unweighted analysis indicates that the convergence patterns differ strongly before and after World War II, with more convergence being displayed after the seventies. Results of weighting both by population and by economic size show that convergence is much faster when these features are introduced into the model. Conclusions from this analysis are important for the environment policy adopted across the EU-25 countries. [Copyright &y& Elsevier]

Regional convergence depends on the ability to adopt advanced technology. This ability can be reflected on the resources devoted to science and technology. An empirical examination of this proposition suggests that technology adoption has a significant effect in regional convergence in Europe. The empirical analysis is also shown to have important implications for the direction of regional policy in Europe. [ABSTRACT FROM AUTHOR]

This paper evaluates the convergence of energy intensities for a group of 97 countries in the period 1971–2003. Convergence is tested using a recent method proposed by Pesaran (2007) [Pesaran, M.H., 2007. A pair-wise approach to testing for output and growth convergence. Journal of Econometrics 138, 312–355] based on the stochastic convergence criterion. An advantage of this method is that results do not depend on a benchmark against which convergence is assessed. It gives more robust results. Applications of several unit-root tests as well as a stationarity test uniformly reject the global convergence hypothesis. Locally, for Middle East, OECD and Europe sub-groups, non-convergence is less strongly rejected. The introduction of possible structural breaks in the analysis only marginally provides more support to the convergence hypothesis. [Copyright &y& Elsevier]

Abstract: The aim of this paper is to analyze whether the persistence properties of the European real exchange rates changed when their currencies joined the euro or during the monetary integration process. More specifically, we investigate whether, as a result of the single currency or the previous macroeconomic stability, nominal price rigidities have decreased and the persistence of real exchange has fallen. We test for stationarity against a change in the integration order on different competitiveness measures during the period that runs from the middle of the seventies to nowadays. The results show that the real exchange rates of the European periphery (Spain, Italy, Portugal, Greece and Finland) underwent a change in their order of integration from I(1) to I(0) at some time around the middle of the 1990s. On the other hand, the real exchange rates of the Central European countries, with a greater stability in the 1980s and 1990s, changed their integration order earlier, if at all, mostly during the 1980s. So, the euro seems to have had, on the whole, little influence on the persistence of real exchange rates. Only for a few countries do our findings detect a significant decrease in persistence related with the nominal convergence process. [Copyright &y& Elsevier]

Abstract: The paper makes uses of cognitive mappings developed from personal interviews with a number of European airline executives to examine the differences in managerial attitudes of low-cost and transitional carriers. In particular it explores the extent to which there is a convergence of views regarding the ways various airline models will develop in the future. [Copyright &y& Elsevier]

The article explores some of the issues relevant to the development and progress of corporate governance structures in the European arena. Corporate governance is just one of the areas of European life where the need for convergence is becoming increasingly obvious. Europe's action plan for corporate governance is outlined. The original corpus of rigidly regulated European governance structures failed to produce workable outcomes. The flexibility of new governance is much more likely to achieve the policy outcomes necessary to achieve the convergence needed in Europe.

Foreign direct investment (FDI), with its growth-enhancing capacity, has played a significant role in setting the transition economies onto the path of convergence with their more affluent neighbors, which is enhanced by their recent membership in one of the richest clubs in the world, the European Union. The differential impact of FDI in terms of its sectoral composition on productivity and efficiency of the host country, as well as its propensity to stimulate institution building, are changing both the economic and political landscapes in the Central and Eastern European and Baltic region. The implicit requirements that FDI poses for the receiving country together with the EU accession-driven reforms fit together in a mutually reinforcing system that is helping the goals of transition and the convergence process. The achievement of both goals is seen as the best guarantor of peace and security in the Central and Eastern European and Baltic region. [ABSTRACT FROM AUTHOR]

Recent advances in the urban science make broad use of the notion of scaling. We focus here on the important scaling relationship between the gross metropolitan product (GMP) of a city and its population (pop). It has been demonstrated that GMP ∝ Y Ypopβ with β always greater than 1 and close to 1.2. This fundamental finding highlights a universal rule that holds across countries and cultures and might explain the very nature of cities. However, in an increasingly connected world, the hypothesis that the economy of a city solely depends on its population might be questionable. Using data for 248 cities in the European Union between 2005 and 2010, we found a double GMP/pop scaling regime. For West EU cities, β = 1 over the whole the period, while for post-communist cities β > 1 and increases from ∼1.2 to ∼1.4. The evolution of the scaling exponent describes the convergence of post-communist European cities to open and liberal economies. We propose a simple model of economic convergence in which, under stable political conditions, a linear GMP/pop scaling is expected for all cities. The results suggest that the GMP/pop super-linear scaling represents a phase of economic growth rather than a steady, universal urban feature. The results also suggest that relationships between cities are embedded in their political and economic context and cannot be neglected in explanations of cities, urbanization and urban economics. [ABSTRACT FROM AUTHOR]

We examine the co-movement patterns of European business cycles during the period 1986-2011, with an obvious focal point the year 1999 that marked the introduction of the common currency, the euro. The empirical analysis is performed within the context of Graph Theory where we apply a rolling window approach in order to dynamically analyze the evolution of the network that corresponds to the GDP growth rate cross-correlations of 22 European economies. The main innovation of our study is that the analysis is performed by introducing what we call the threshold-minimum dominating set (T-MDS). We provide evidence at the network level and analyze its structure and evolution by the metrics of total network edges, network density, isolated nodes and the cardinality of the T-MDS set. Next, focusing on the country level, we analyze each individual country's neighborhood set (economies with similar growth patterns) in the pre- and post-euro era in order to assess the degree of convergence to the rest of the economies in the network. Our empirical results indicate that despite a few economies' idiosyncratic behavior, the business cycles of the European countries display an overall increased degree of synchronization and thus convergence in the single currency era. [ABSTRACT FROM AUTHOR]

The current increase of regional inequalities in Europe, and in particular in Central and Eastern Europe (CEE) has led to the reconsideration and revival of the concepts of "polarisation" and "convergence" in academic fi elds like regional economics, economic geography and spatial planning as well. In contrast to the classical view on these concepts determined by functionalism and topology, the new theoretical and empirical perspectives are emphasising a multidimensional perspective. In addition, there is an important debate about the relation between economic inequalities and growth. This article provides a critical overview and assessment of the theoretical and empirical work on regional inequalities with special emphasis on theories of economic and social polarisation, regional economic growth, convergence, and social inequalities. We att empt to combine two powerful concepts of polarisation and convergence, emphasising their relational and multi-scalar nature. Building on this basis, we propose a multidimensional concept of socio-economic polarisation, which comprises processes of convergence and divergence, growth and mobility in economic and social dimensions. [ABSTRACT FROM AUTHOR]

Within Europe, processes of economic convergence and divergence operate at various geographical scales, resulting in a very uneven geographical landscape. As mentioned in the international literature, the European economic space is characterized by a core-periphery structure. From this point of view, tourism has important significance since it is a noteworthy activity in the European Union and contributes to employment, income generation, overall development and economic rejuvenation of rural, peripheral or underdeveloped areas. There has been a shift in the nature of tourism demand driven by changes in consumption patterns, namely an increasing emphasis on more personalized or on specialized forms of tourist packages. This aspect required smaller and more flexible provision that created niche markets capable of providing peripheral areas the opportunity to capitalize on their comparative advantages associated with their natural environments, cultural heritage, and the role of local food in reinforcing personal identity and authenticity. The purpose of this study is to analyze EU's Eastern periphery (Bulgaria, Hungary, Poland, Romania and Slovakia) niche tourism markets potential and identify a few guiding principles that may lead to sustainable economic development. [ABSTRACT FROM AUTHOR]

This contribution is aimed at discussing different current policies of convergence as well as questioning whether these exploit the opportunities of digital media to their full potential, especially with regard to transmedia storytelling, interactivity, participation and networking. Taking the portfolio of the 'European Culture Channel' RATE as an example, I draw a sketch of existing and emerging industrial strategies as well as of new formats and user practices. In the second part of the article, I examine one specific genre within this context I look at the collaborative, networked transmedia documentary Prison Valley to consider transformations at both the macro and the micro level. Last but not least, I question whether ARTE fulfils its promise to be the first "100% bi-medial channel" (according to ARTE's mission statement), or whether it promotes an 'extended side-by-sideness' of devices and practices, which would constitute the first steps towards the synergetic potential of media convergence. [ABSTRACT FROM AUTHOR]

The article looks at the approach of the European Cohesion Policy (ECP) for 2007- 2013 which intends to bridge the differences in the economic and social development of the region of Europe and to promote structural changes. It introduces the concepts of the policy such as "cohesion," economic/social convergence and European integration. It focuses on the structural funds implementation system (SFIS) and proposes an evaluation model of performance for an effective ECP.

Copyright of Papeles de Europa is the property of Universidad Complutense de Madrid and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Copyright of Papeles de Europa is the property of Universidad Complutense de Madrid and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

This study examines European stock market reactions to 16 events associated with the adoption of International Financial Reporting Standards (IFRS) in Europe. European IFRS adoption represented a major milestone toward financial reporting convergence yet spurred controversy reaching the highest levels of government. We find an incrementally positive reaction for firms with lower quality pre-adoption information, which is more pronounced for banks, and with higher pre-adoption information asymmetry, consistent with investors expecting net information quality benefits from IFRS adoption. We find an incrementally negative reaction for firms domiciled in code law countries, consistent with investors' concerns over enforcement of IFRS in those countries. Finally, we find a positive reaction to IFRS adoption events for firms with high-quality pre-adoption information, consistent with investors expecting net convergence benefits from IFRS adoption. [ABSTRACT FROM AUTHOR]

We study the evolution of price level dispersion in Europe by combining time-series information on harmonized indices of consumer prices (HICPs) with occasional observations of absolute price levels. We find that European price levels converged over much of the last 40 to 50 years. In the United States, our benchmark, price level dispersion is more or less stable. A back-of-the-envelope calculation suggests that indirect tax rate harmonization, convergence of nontraded input costs, and convergence of traded input costs (in the form of exchange rate stability and increased openness) are all important in explaining European price level convergence. [ABSTRACT FROM AUTHOR]

Just before the last G20 meeting in London and following the quantitative easing measures taken by FED it has broken into the news that, during an internal discussion, IMF raised a really provocative issue: should the non-Euro EU members join the Euro very rapidly?! Considering the developing international economic situation we plead that adopting the Euro at a fast pace will be benefic for both sides of Europe: the Western developed countries and the Eastern emerging economies. [ABSTRACT FROM AUTHOR]

The literature currently offers no consistent narrative about economic development on Europe's southeastern periphery prior to 1945. Did per capita GNP in the Balkans converge with the rest of Europe? We present new GNP estimates for Bulgaria for 1892–1911 and link these with a new degree of precision to the data available for the 1920s. Our data reveal stagnation in per capita GNP from 1879 to the 1930s. But within agriculture we find evidence for a new phase of intensification from the 1920s onwards. The preconditions for growth, some- times attributed to Communism, were in place well before 1945. [ABSTRACT FROM AUTHOR]

It is widely believed that the implementation of the Single Market Programme in 1992 has induced a transformation in industrial structures across Europe. Some people believe that it has driven Europe towards a common industrial structure. However, using a newly available database covering nearly every firm above 100 employees in 14 European countries over the time period 1994 to 1998, the hypothesis of convergence in corporate sizes within industries is unambiguously rejected by the data. A Gibrat process best describes the growth of very large and mature firms, but smaller and younger firms depart from this prediction. Pre-post 1992 comparisons using another database for larger listed firms reveal that the speed of convergence actually decreased post-1992. [ABSTRACT FROM AUTHOR]