Thus, today we can look forward to the future with greater confidence, as we can expect that the economy will recover and, under certain conditions, will enter into a new, virtuous circle. The economic and social costs of the adjustment have been and remain heavy. The citizens’ sacrifices have been very painful.
However, losses in terms of output, employment and incomes have been the price that had to be paid to prevent a collapse of the economy. Had this collapse not been averted, losses would have been much greater. An exit from the euro area, as I had put in an interview, would have opened the gates of hell.