Some of the agreed structural reforms will only make themselves felt in the long term, but others, such as efforts to make the labour market more flexible, can immediately strengthen confidence. The funding of such deficits of fiscally weak euro countries are visible in the huge balances of the TARGET payment system. Would the Eurosystem have already collapsed without this rescue system, this bailout?
While it has made some important efforts, it has yet to make significant progress in diversifying the financial system. This could be a key element, although not the only one, in promoting long-term recovery.