This book examines how to achieve greater convergence within the EU. Euro area Member States could decide to strengthen the various elements that already exist: the EU-wide framework, the coordination of economic policies and the use of funding.
They could also decide to strengthen the macroeconomic stabilisation capacity of the euro area, so as to prevent further divergences in the event of future shocks. For all this, greater capacity building would be useful. European economic integration provides the appropriate framework for convergence.
The single market, including ensuring the free movement of goods, services, capital and people, is a powerful engine for integration and the creation of shared growth and prosperity in all Member States. Flanked by the digital single market, the Energy Union and combined with the Banking and Capital Markets Union, it provides the key common framework for convergence in the European Union.