Indeed, according to harmonised competitiveness indicators based on unit labour costs have all registered significant improvements since 1999, Ireland (–19% since 1999), Spain (–9.5%), Greece (–9%), and Portugal (–6.6%). The loss of competitiveness accumulated until 2007 has been totally offset since the beginning of the crisis.
The grant that is being donated by KFW will enable the further increase of the guarantee potential of this institution, making possible the increase of the number of beneficiaries from the guarantees issued by this institution.