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2004 OECD Economic Surveys: Euro Area 2004

image of OECD Economic Surveys: Euro Area 2004

OECD’s 2004 Economic Review of the Euro area puts forward a number of policy recommendations that seek to heighten the area’s resilience against adverse shocks, to reap the benefits from deeper integration, and to reverse the persistent underutilisation of labour and weak productivity in lagging regions and countries. This edition’s special feature is titled Regions at Work. 

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Regions at Work

Convergence in living standards across regions and countries was not a policy goal at the early stages of the Union’s existence as the six founding countries had a similar level of economic development. However, convergence became a policy goal for two reasons. First, the benefits of economic integration may be unevenly distributed across countries and/or regions (Box 5.1). Second, the successive waves of enlargement involved countries and regions whose per-capita income was far below the average. The swift catch-up in living standards became a prominent policy goal. And it will remain one, with the recent accession of 10 new ...

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