It is as true for the Maths Centre as it is for the Reserve Bank. And it is as true when we work outside our respective organisations with our stakeholders as it is when we work within the boundaries of our organisation with each other.
Per capita GDP (measured in terms of purchasing-power parity) is only 44 percent of the EU average. Furthermore, there is a striking degree of heterogeneity among the candidate countries themselves. Per capita GDP measured against the EU average ranges from 24 percent (Bulgaria) to 83 percent (Cyprus). For convergence to be sustainable, it must be based on advanced economic and financial integration.