And Portugal is planning to leave its adjustment programme in the first half of 2014. All three countries have recently accessed the sovereign bond markets at low yields. It seems that international investors increasingly acknowledge the countries’ efforts and achievements, which have boosted confidence overall.
In the case of Ireland and Portugal, international investors have bought more than 80 % of the newly issued bonds. I would argue that these developments underscore the impressive progress that the peripheral euro-area countries have made in adjusting their economies. All in all, it is safe to say that the adjustment process is underway, with some countries making more progress than others.