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This research aims to provide an explanatory analyses of the business cyclesdivergence between Euro Area and Romania, respectively its drivers, since thesynchronisation of output-gaps is one of the most important topic in thecontext of a potential EMU accession. According to the estimates, output-gapssynchronisation entered on a downward path in the subperiod 2010-2017, comparedto 2002-2009. The paper demonstrates there is a negative relationship betweenbusiness cycles divergence and three factors (economic structure convergence,wage structure convergence and economic openness), but also a positiverelationship between it and its autoregressive term, respectively the GDP percapita convergence.

Examining the drivers of business cycle divergence between Euro Area and Romania