The Economic Monetary Union project was founded with the expectation that a greater level of macroeconomic stability would help to improve living conditions for the European population, especially in countries with lower incomes. Labour productivity is one of the main indicators of an economy's international competitiveness, and is also a measure of a society's capacity to improve its wellbeing. Analysis of the project's evolution demonstrates how possibilities for convergence in productivity are conditioned by the economic growth model in place, and also by the strategy used in response to the financial crisis.