Abstract

After several years of difficulties, Eurozone’s recovery appears to be underway. However, the ongoing recovery tends to exacerbate the North-South differences. Although the policy measures restored the nominal convergence, the key to the Euro preservation, the continuing real divergencies posed a threat to political social stabilities of some countries. The answer is sought in the structural convergence policies. Those are just beginning, but the issues of political and social histories, together with economic inequalities and transfer problems, loom large. Structural convergence may be the “savior” of the common currency but its realization will be as hard and controversial as many steps taken in the past.