The reductions achieved against their more significant 36 trading partners were even higher and, more importantly, the gains since 2008 sizably reduced the cumulative evolution of their ULCs since 1999. The significant losses of competitiveness from the inception of the euro and the beginning of the crisis in 2008 have been meanwhile corrected.
In fact, relatively to the other Euro Area members from 1999 to the end of last year Greece reduced its ULCs by 5.8% and Portugal by 2.4% whereas Spain increased theirs by only 2.9% and Ireland by 1.6%. These improvements in competitiveness were also reflected in significant reductions of the external accounts of all the stressed countries.