Abstract:

Nominal convergence, which was set as a condition for new EU member states wishing to join the single currency (Euro) area, was also intended to strengthen and accelerate the equalisation of economic structures between member states. The structure of the economy, as it determines the average productivity achieved in a given economy, determines the level of international competitiveness of the production of each country. Catching up by the developing economies of highly developed countries is understood as equalizing their structures - equalling the level of development of the structure of advanced economies by catching up countries. Hence it is assumed that the level of economic development of a country is determined by changes in the structure of the economy. The structure of the economy as such is formed by 3 typical sectors: agriculture, industry and services.