The new measures taken at the European level have proved to be effective in countering contagion in the euro area in the most serious stages of the crisis. Financial markets and consumers are gaining renewed confidence in the euro area, even though the prospects for growth and employment remain weak over the medium term.
Combining financial assistance with strict conditions has brought the negative economic trends in the programme countries to a halt. The economic downturn in some of the most strongly affected countries may even have bottomed out in the near future. What is crucial now is to ensure that the programme countries do not stray from the path of essential fiscal, financial and structural adjustment.