FUTURE CHALLENGES ON THE WAY TO THE FULL CONVERGENCE

Purpose: This chapter aims to understand what convergence means and why it is considered so crucial for the full admission of a state to the European Economic and Monetary Union. Doing this will help understand what consid- erations of economic theory it is based on. Need for study: To look into the Maastricht architecture, to point out its fragility during the last crises and the capability of the reforms adopted to reduce it, and to make European monetary union (EMU) more attractive for European Union (EU) members still outside it. Methodology: The experiences of some countries that joined the EU from 2004 to today will be analysed to propose a synthesis from both a qualitative and quantitative perspective that highlights the paths taken by individual states and the processes currently underway. Findings: The EMU architecture’s fragility was evident in recent crises, with the European Central Bank (ECB) requiring new institutions to oper- ate beyond the Maastricht Treaty. The pandemic crisis led to suspending public budget control rules and adopting centrally coordinated stimulus policies (next-generation EU). This set a precedent for one-off transfers, but it would require centralising significant parts of European countries’ tax revenues and public spending, requiring a political union. Practical implications: In Maastricht architecture, there is no room for what is needed most by old and new members. The paths towards the welfare of European citizens, the increase in the sense of belonging to the same community, attracting new members and supporting financial stability