The euro area is already characterized by a high degree of cyclical convergence among its Member States and convergence should increase further in the years to come as EMU fosters trade and financial integration. However, EMU is not immune to temporary episodes of cyclical divergence. It is therefore important to strengthen the economy’s capacity to cope with shocks by achieving further progress with structural reforms. The next Quarterly Report is scheduled to be released in October 2004. The report is available at: [http ...]
Le rapport peut être consulté à l'adresse suivante: [http ...]
