Moreover, the structural features of the economy that are relevant for maintaining an environment conducive to price stability over the medium term, and especially after adoption of the euro, are also examined, such as the degree of liberalisation in the economy, the functioning of labour markets and the degree of competition in product markets.
This leads me to another issue, namely the role and significance of “real convergence”. The Treaty does not foresee an assessment of real convergence, for instance in terms of a country’s GDP per capita (see slide 4).