Price convergence in the eurozone was limited in the first decade after the introduction of the euro, says research published by the Bank of Spain.

In Eurozone prices: a tale of convergence and divergence, Alfredo García-Hiernaux, María González-Pérez and David Guerrero say the hypothesis of price convergence should be assessed with relative prices rather than with inflation differentials.

From 2001 to 2011, “we show that the price level trends within the [economic and monetary union, EMU]

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