Macroeconomic adjustment in EMU has made significant progress, with countries implementing significant 4 / 22  BIS central bankers' speeches  growth-enhancing reforms and correcting external imbalances, but this process has been difficult and is not yet complete.
Countries most affected by the crisis were confronted with significant hardship, even though financial support provided by the EU and its Member States to countries facing acute financing difficulties prevented catastrophic outcomes, and cushioned some of its impact by providing time for economic adjustment.