Společná měna, rozdílné světy: Analýza ekonomické divergence mezi členskými státy EMU v letech 2010–2024

This diploma thesis deals with the analysis of the extent and causes of economic divergence among the EMU member states during the period 2010 to 2024. The aim of the thesis is to determine how widespread the persistent economic disparities in the EMU are and how the ECB's single monetary policy influenced them. The thesis examines the issue of divergence through key macroeconomic indicators and the method of comparative analysis, with a special focus on a case study of Germany and Greece, which represent the core and periphery of the monetary union. The period under review includes three crucial external shocks: the European sovereign debt crisis, the Covid-19 pandemic, and the energy-inflation crisis. The research confirmed the existence of deep and structural economic divergence among member states, which tended to deepen during crisis periods. Three hypotheses were tested. The first hypothesis, stating that the ECB's single monetary policy operated asymmetrically, was confirmed. The second hypothesis, assuming a symmetric functioning of the transmission mechanism, was refuted, confirming the persistent macroeconomic heterogeneity. The third hypothesis, stating that structural imbalances led to a significantly weaker transmission of monetary policy impulses and slower recovery, was also confirmed. The thesis concludes that monetary policy alone cannot replace the missing fiscal and institutional integration that is essential for ensuring the long-term cohesion and sustainable convergence of the EMU.