CONVERGENCE VS. DIVERGENCE: THE PATH OF THE EUROPEAN UNION
Journal Title: MANAGERIAL CHALLENGES OF THE CONTEMPORARY SOCIETY - Year 2018, Vol 11, Issue 2
Abstract
Since the development of the European structure, the process of convergence constituted a main stage on the path towards market integration. Since the economic theory states that the presence of regional price discrepancy indicates imperfect market efficiency, price convergence is viewed as a decisive component of the integration process. Simultaneously, we have to consider the fact that the process of price convergence manifests an opposed development against the inflation rate criterion, aspect that upsurges its significance in the whole process of integration. Consequently, a central purpose of our present study is to emphasize the manner in which the price development process took place up until this point, selecting as an interval of analysis the previous decade, in order to capture and emphasize a convergent or divergent trend. For a representative analysis, we selected and evaluated the price series for electricity and natural gas that are considered to be major staples in the economic activity of each country. As a general consequence, our findings contribute to the international literature on the matter by indicating that the efforts to develop a single European market in general, and for energy in particular, were, at least up to this point, only partly successful.
Authors and Affiliations
I. S. MIHUȚ, L. N. POP
Keywords
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