Thirdly: convergence least of all implies uniform living conditions or equal prosperity in all the participating countries and regions. It may very well be that the way in which the single market and the single currency work will assist less well-developed regions that face up resolutely to competition in catching up quickly and sustainably. But that must happen on the basis of competition.
There can be no a priori guarantee of that. IV Lasting economic convergence based primarily on market forces is one fundamental precondition for a politically decentralised monetary union. The second fundamental precondition is that the participating countries agree binding rules for certain areas and are prepared to abide by them on an enduring basis.