ECB report says 12 first countries in Euro area diverging

Progress is disappointing says report

According to the monthly report released the European Central Bank (ECB) the economies of central European countries and other countries that joined the common currency area between 1991 and 2001 diverged. Some central European economies have performed much better than other members, like Greece, Portugal etc who failed to transform their weak institutional frameworks. This resulted in their exposure to the 2008 global crisis, which led Greece on the edge of exiting the Euro, says the report. The progress of convergence between the 12 first member states that adopted the Euro is disappointing, according to the report.