–  However, given the size of consolidation needs, supplementary tax increases necessary in many cases:  C.    Less distortive taxes, for instance on energy or wealth – to prevent undermining long-term growth potential;    Reforms of the tax structure – to enhance growth and labor market participation. Structural reforms  Rebalance economies of the euro area.
–  Greece, Italy, Portugal and Spain: Competitiveness losses in the past and/or high fiscal and external deficits. Heterogeneous developments in Europe GDP growth rates in Euro area and CESEE in % p.a.