A 'Europe of multiple speed' in a downward spiral.

Central and east European new member states are being affected by the shockwaves of the Eurozone crisis, made manifest also in the presence of different stages, or 'speeds', of integration. In this article, we attempt to examine the different aspects of this picture of a multi-speed Europe, and the lessons of those regions and countries that have been affected by the crisis and by the implemented therapy, and we identify the major risks that this means for the future of Europe. New member states find themselves in a rather unique situation in the context of the enduring Eurozone crisis. On the one hand, as 'junior partners' they are more vulnerable (and are also in the eye of the financial markets); on the other hand, economically they are fully docked to the core of the EU, i.e. Germany, that results in ambiguous and sometimes contradictory consequences. One particular aspect will be to examine if 'convergence' - a basic and distinguishing idea behind European integration - would ultimately turn out to be a myth. [ABSTRACT FROM AUTHOR]