• The current account deficit has fallen by 15 percentage points of GDP since the beginning of the crisis, with the current account effectively being in balance over the last three years. • Labour cost competitiveness has been fully restored and price competitiveness has recorded substantial gains since 2009.
Large countries should support the approaches taken by smaller countries to implement reforms – when they support the intended outcomes of global standards, but in ways that may deviate from large country norms in order to meet local country conditions. BIS central bankers’ speeches  3