6  BIS central bankers’ speeches  Therefore, it’s more of a marathon than a sprint when it comes to the adjustment measures. Tenacity and perseverance are called for, particularly in the second half of the course. And just as marathon runners race at different speeds, the crisis countries are currently at different stages in their marathon course.
Without a doubt, substantial progress in adjustment efforts has been achieved and reform steps initiated. As such, most of the crisis countries have managed to lower their structural budget deficits considerably. In addition, the current account deficits have largely been reduced and some countries are now running a surplus. Price competitiveness in the crisis countries has also improved significantly.