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New Member States (NMS) are receiving large and increasing volumes of EU transfers that affect the process of convergence between the EU economies. Growth benefits from EU funds, related to a real convergence, depend strongly on the absorption and utilisation of the transfers, with the priority to finance investments. EU transfers bring opportunities as well as challenges for the process of nominal convergence between NMS and the EMU economies. The intervention highlights the argument that macroeconomic policies oriented towards a sustainable growth, close to its potential, help new members maximise benefits from EU funds.

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