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Volume 54, January/February 2019, Number 1 · pp. 11-18

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How Can Europe Upgrade Its “Convergence Machine“?

Cristobal Ridao-Cano, Christian Bodewig

For the past 60 years, the European Union (EU) has delivered its citizens some of the highest living standards in the world. A 2012 World Bank report “Golden Growth: Restoring the Lustre of the European Economic Model” dubbed Europe a ‘convergence machine’: trade and fi - nancing – fueled by the largest and deepest regional integration effort in recent history – generated convergence in living standards between Member States.1 Coupled with a strong enterprise sector and innovation, this is the reason why Europe accounts for about one-third of world GDP with less than one-tenth of the world’s population.

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