E.U. officials do not entirely accept that analysis, though neither do they hide the challenge posed by the diverging economic performances of euro-zone nations.
These diverging economic performances fed through into demand for housing, with cities and towns in the south becoming even less affordable over the decade, and exacerbating what was already a significant problem in 2004, the report said.
The convergence clubs literature in applied growth theory suggests that countries that differ in terms of structural characteristics and initial conditions tend to experience diverging growth performances.
Once that happens, eurozone fragmentation is almost impossible to reverse: the vast and widening gulf in access to global capital between vulnerable and stronger eurozone economies would reinforce their diverging economic performances.
From a policy-oriented perspective, we view this analysis as relevant since non-negligible differences in real interest rates could arise within the country did regional inflation rates differ from each other, due for instance to distinct cyclical positions across these regions' economies, thereby perpetuating diverging economic performances at regional level.
But even if a high participation rate can be attained, reaching consensus will often be a long and difficult process and inevitably involves making compromises, which may result in diverging definitions of performance.
The thermo-hydraulic performance of diverging and converging microchannels is of significance in the development of compact heat sinks.
Numerical simulation of cathode side is used to investigate the effects of converging and diverging channels on the performance of proton exchange membrane fuel cells.
