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AbstractBritish mathematician Charles Babbage (1791–1871) spent immense energy to build mechanical calculating engines. Hoping that it might help him in designing and building his engines, he visited numerous workshops and factories in both England and Continental Europe. One of the consequences of these visits was his On the Economy of Machinery and Manufactures, published in 1832. Through his observations, Babbage grasped the advantages of machinery and economies of scale. In micro terms, he acknowledged the cost‐reducing features of economies of location, vertical integration, and division of labor – beyond Adam Smith's analysis – as well as the efficacy of clustering. He also pointed out the relationship between firm size, economic crisis, and innovation.

Our convergence analysis illustrates the usefulness of Eurostat's Economic sentiment indicators system for monitoring economic developments in the EU regions and for identifying the emergence of the waves of optimism and pessimism in the current economic and financial crisis. Analysing Service Confidence Indicator we provide evidence of the positive impact of economic integration on EU regions' business cycles convergence with analysing two regions i.e. CEE-5 and EU-5. Econometric evidence suggests that the existence of convergence of regions is explaining a substantial proportion of regional business cycles. Results confirm that convergence occurred at the rate of 0,6% during the whole period 2003-2011, 2,2% and 0,9% during the sub periods 2003-2007 and 2009-2011, respectively.

The authors convergence analysis illustrates the usefulness of Eurostat's Economic sentiment indicators system for monitoring economic developments in the EU regions and for identifying the emergence of the waves of optimism and pessimism in the current economic and financial crisis. Analysing Service Confidence Indicator, the authors have provided evidence of the positive impact of economic integration on EU regions' business cycles convergence with analysing two regions ie CEE-5 and EU-5. Econometric evidence suggests that, the existence of convergence of regions is explaining a substantial proportion of regional business cycles. Results confirm that, convergence occurred at the rate of 0,6% during the whole period 2003-2011, 2,2% and 0,9% during the sub periods 2003-2007 and 2009-2011, respectively. Adapted from the source document.