
Seriously affected by the waves of the worst global financial crisis since World War II, the Eurozone is confronted with unprecedented challenges: finding a credible solution for the sovereign debt crisis, the huge level of public debt (around 90% of GDP), short-term contraction, potential GDP decline, economic divergence of member countries. The measures adopted and implemented by the policymakers over the past quarters were not perceived credible by the financial markets, given the dimension of macroeconomic disequilibria in the region, the persistence of asymmetric shocks and the indecision among political leaders. The first wave of the financial crisis caused a contraction of about 4% y/y for the Eurozone GDP. At the same time, the crisis revealed the macroeconomic disequilibria accumulated by some member states during the first decade after the launch of the euro. For these economies the crisis transformed from a symmetric shock into an asymmetric one. There can be mentioned the countries that already requested international financial support. At present, these states are treated as small emergent economies (with “junk” rate). In such a tough context, the aspect of real economic convergence within the Eurozone is more important than ever. One of the dimmensions of this convergence process consists of the syncronisation of economies within the European Monetary Union. This paper analyses the syncronisation of structural components of GDP for the member countries of the Eurozone. The paper has the following structure: the first chapter presents the importance of syncronisation of economies within a curreny union, from the perspective of Optimal Currency Area theory; the second chapter describes the methodology employed in order to analyse the syncronisation of structural components of GDP within the European Monetary Union; the third chapter presents the assessment and interpretation of the results.






