potential candidate countries. The analysis reveals that total factor productivity growth has been the main driver of … negative link between the initial level of GDP and subsequent growth. Labour productivity has improved in most countries, while … are needed in terms of labour productivity and utilisation, as well as in terms of physical and human capital accumulation. …

-convergence trap" long before the euro years. We also provide stylised facts on: (i) the central role of total factor productivity in …

direct investment, imports of productivity-enhancing technology - are petering out, and are yet to be substituted. We propose …