Title: Discussing the consistency of the Euro area: ten years after, is there a real integration?

Authors: Ilias A. Makris; Vasilis N. Nikolaidis

Addresses: Department of Accounting and Finance, Technological Education Institute of Peloponnese, Antikalamos Messinia PC: 24 100, Kalamata, Greece ' Department of Accounting and Finance, Technological Education Institute of Peloponnese, Antikalamos Messinia PC: 24 100, Kalamata, Greece

Abstract: The present work is an attempt to examine the consistency and integration process in Euro area, following a different approach. More than a decade after the establishment of the common currency (euro), we examine several important indicators of the first country-members (Euro-12). We determine different groups of countries developing similar characteristics through the years and their comparison to the overall Euro-12 economic data, as diversion from others contradicts the main concept of the Union, which is the progressive convergence of the economies of all country-members. Using simple exploratory data analysis tests and multivariate methods that evaluate the combined image of each nation's economic results, we confirm the heterogeneity inside the Eurozone. Findings we hope that will add to the ongoing, debate concerning the overall conception of Euro area.

Keywords: Eurozone; integration; Euro-12; consistency; economic indexes; PCA analysis; Euro area; principal component analysis; common currency.

DOI: 10.1504/GBER.2015.070306

Global Business and Economics Review, 2015 Vol.17 No.3, pp.280 - 297

Received: 08 May 2021
Accepted: 12 May 2021

Published online: 21 May 2015 *

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