Poland in the EU - The Nominal Convergence of Basic Macroeconomic Indicators

Abstract

The aim of this article is to evaluate the nominal convergence of basic macroeconomic indicators, as well as sigma convergence for Poland before and after EU accession in 2004 in relation to the Eurozone and German economy. The analyses were indirectly related to the "endogenous hypothesis," which assumed a faster convergence process following EU accession as a result of stronger linkages and greater synchronization of member state economies. The findings indicate that the year 2004, although certainly symbolic, did not mark a watershed in the convergence processes: no particular changes with regard to catching-up between Poland and the Eurozone or Germany can be observed. Based on the dynamics of basic macroeconomic indicators one can assume that these convergences started before Poland's formal accession into the EU and have since continued, albeit at different speeds and influenced by various external factors such as the "2008+ crisis". Due to the simple methodology of the study, its findings must be interpreted with caution.