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Convergence of the EU Member States towards the EMU requirements, 1986 to 1993

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  • Peter Guldager, Denmark
  • Department of Economics
This paper analyzes the five convergence criteria of the Maastricht Treaty by means of factor analysis. The results show that the criteria may be summarized by two independent factors, inflation and public debt performance, with inflation figuring more prominently. The factor scores suggest that between 1986 and 1990 France, Ireland, Spain, Portugal and the United Kingdom progressed substantially towards convergence. Some backsliding, however, occured between the years 1991 to 1993. The performance of Greece deteriorated, while that of the other EU Member States remained largely stationary. To meet the EMU requirements by 1999, economic convergence would have to take place at an accelerated pace in Stage II of the EMU.
Original languageEnglish
JournalEuropean Journal of Political Economy
VolumeVol. 13
Pages (from-to)247-259
Number of pages13
Publication statusPublished - 1997

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  • HHÅ forskning

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