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