Not only do the countries have to put their government finances in order, they have to reform their national economies so that they become competitive again. And there is no short-cut to achieve this objective.
Monetary policy in particular is not an alternative to structural reforms – this is not only true with regard to the peripheral countries but also with regard to the large countries of the euro area including Germany and France. It is certainly true that reaping the fruit of success comes with a time lag.