NOMINAL CONVERGENCE OF EURO AREA MEMBER STATES

Nominal convergence is the main criteria for adherence to the Eurozone. The Maastricht Treaty sets out all the criteria a state must meet to join the Eurozone. There is no single fiscal policy at the level of the Eurozone, which leads to different fiscal policies within the monetary union. If at the time of accession the observance of the nominal criteria is mandatory, after the accession, the states are no longer pressed to strictly observe these criteria. National interests take the place of the economic convergence perspective of the European Monetary Union. This paper aims to analyze the Member States of the European Monetary Union in the light of the indicators set out in the Maastricht Treaty. Once admitted to the Eurozone, states must aim for a convergence of the whole union. However, states tend to abandon all criteria, to the detriment of national interests, especially political ones. The main purpose of the paper is to see to what extent Member States comply with all the Maastricht criteria after the accession process is completed. To achieve this goal, we set out a series of objectives: to observe the fulfillment of the criteria at the time of accession, to analyze the evolution of the nominal convergence indicators and to identify the possible effects of the evolution of the indicators. As a research method, we will use both qualitative and quantitative analysis. Through statistics and scientific observation we will be able to identify to what extent the Maastricht criteria following the accession to the European Monetary Union are respected.