That is why real convergence is also important and has to be pursued in parallel. This process will allow a closing of the gap between accession and euro zone countries as it is stated in the objectives of the Union as defined in Article 2 of the Treaty of the Union and Article 2 of the Community Treaty.
This contributed to (among others) the decline in underwriting standards that, against the background of unfavourable conditions in the US housing market, led to an unprecedented surge in the delinquencies of sub-prime mortgages, ultimately triggering the turmoil that is still affecting international markets.