And if that happens, another comparison with a soap opera – this time by the Financial Times’ Martin Wolf – might turn out to be true. He wrote: “The crisis of the eurozone is likely to be a very long-running soap opera”.
If the euro area is to quickly put the crisis behind it, the sluggish and highly indebted countries will need to press ahead with their efforts to place their economies and public finances on solid ground. Their endeavours have indisputably borne some fruit. Structural budget deficits have contracted sharply, as have current account deficits.