Moreover, at the time it was undergoing considerable change, in response to the evolving demands in the financial markets of households, firms and governments. On the basis of this encouraging experience, the Porter Report came out strongly in favour of increased competition and deregulation. It was aware that this might entail some risks, but thought they were worth taking.
The recession and unemployment in Greece cannot be compared with the recession and unemployment in Cyprus, Ireland, Portugal and Spain. My question is: would a failure of the programme eventually undermine the future of the euro area?