The objective of the article is to investigate the effects of the stage of integration on convergence in the European Union. The relationships between the selected macroeconomic variables and per capita GDP growth rate are econometrically tested for the period 2004-2018 and three sub-periods:...

Essentially, the impact of the currency union on member countries depends on whether the common currency area is optimal in the sense that the effect of the asymmetric shocks is small, Mundell (1961). Typically, researchers use VAR of different types to analyze the data. For robustness, we use...