Current account deficits, some of which were very high, have also been balanced or even turned into surpluses. It would be tragic if, given all this, reforms were to be rolled back or consolidation gains squandered. Instead, we should build on the successes that have been achieved. Incidentally, this also goes for countries such as Germany, which weathered the crisis fairly well.
3.2 Changes to the governance framework to date But it’s not just in the member states that much has happened as a result of the crisis. In the euro area, much has changed for the better in institutional terms as well.