In this respect, I should like to stress that a substantial process of convergence in per capita income has already taken place in the euro area over the last few decades.
Another source of divergence in the rates of price changes across euro area countries or regions may arise when countries or regions are affected by economic or policy shocks which are different in their nature or timing, or when, due to different economic structures, local economies respond differently to a common shock. One example of this would be a change in the oil price.