This paper aims to assess the macroeconomic condition of the four new prospective members, which are Turkey, Croatia, Bulgaria, and Romania, depending on four Maastricht Convergence Criteria in order to determine which candidate is ready to join EMU. We use cointegration approach to analyze...

This paper proposes a pair-wise approach to testing for output convergence that considers all N(N-1)/2 possible pairs of log per capita output gaps across N economies. A general probabilistic definition of output convergence is also proposed. The approach is compatible with individual output...