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4 Eur. J. Econ. L. & Pol. 1 (2017)

handle is hein.journals/ejelp4 and id is 1 raw text is: Eurozone's Future: The Political Economy of Structural Convergence Antonin Rusek Susquehanna University, Selinsgrove, USA Doi: 10.19044/elp.v4nolal URL:http://dx.doi.ore/10.19044/elp.v4nolal Abstract The progress of globalization confronts the EU with the new challenges. To answer these, the restoration of growth is the imperative. The competitiveness and hopefully the real convergence must be restored. Capital flows are the sine qua non of this development. The key in this endeavor is the capital markets union, i.e. the set of the structural reforms which will facilitate the increased activities of the venture capital - the main tool to create the new economy of innovation and creativity. But to be successful the capital markets union has to be complemented structural convergence of labor markets, business creation environment and taxation. New approaches like special economic innovation and growth zones may be necessary. To fully implement the necessary structural reforms and the convergence processes, the cooperation of the private and public sectors on both the EU and national levels is necessary. Keywords: Challenges of globalization, structural reforms, structural convergence. I. Introduction This paper analyzes the issue of the structural convergence in the Eurozone: the concept, the role, history and the relationship between the perceived need for this type of a convergence and political and economic realities. The nominal convergence is the key to the functioning of a monetary union. It determines the effectiveness of monetary policy, especially in the organization like EMU (Eurozone), where the monetary centralization operates in the environment of decentralized fiscal structures, limited fiscal transfers and a very limited labor mobility. The real convergence is crucial for the political and social stability, which in turn determines the degree of commitment to the preservation of the common endeavor - i.e. the EU itself. 1

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