These countries are in a somewhat favourable position, as they have enough room to manoeuvre to let automatic stabilisers work in full. A minority of countries (Germany, Italy, France and Portugal) - which, however, account for 70 per cent of euro area GDP - still show structural deficits of a considerable extent.
[8]  Debelle G (2008), ‘Market Operations in the Past Year’, Speech at the 2008 FTA Congress, Melbourne, 31 October. [9]  Debelle G (2010), ‘The Evolving Financial Situation’, Speech at the Women in Finance Lunch, Sydney, 16 February. [10] Sheets N, E Truman, C Lowery (2018), ‘Responding to the Global Financial Crisis What We Did and Why We Did It.