All these measures are of course relevant for the country most in the media spotlight, Greece. A lot has been done by the Greek authorities in last two years. The primary deficit has been reduced by more than 8 pp from end-2009 to end-2011. Labour market reforms are beginning to show positive results. But a lot still remains to be done.
The Greek authorities have to demonstrate that they can continue to stick to their commitments. We are seeing encouraging signs that the fiscal targets for next year can be met. This is the best way out of its crisis: for Greece to reform within the euro area. Where does the euro area go from here?