Europe at the crossroads os economic integration: Multidimensional scalling analysis of the period 1970-2010

Abstract

This paper analyzes thirteen EMU countries and their similarities during the integration process throughout the last four decades. The analytical and numerical assessment of this long-run perspective reveals combinations of countries and periods with close connections between the macroeconomic variables related to national government accounts, balance of payments equilibrium, and economic growth. The Multi-Dimension Scaling method is used for a quantitative analysis. Such features reflect major national achivements, for sustaining the European society vis-à-vis rising globalization.