For an adjustment programme to be effective, all the inter-connected parts must be in place. In the early stages of the programme, that did not happen. Implementation in each of these areas was slow and inefficient, exacerbating the contraction. The slow pace of implementation of structural changes contributed to a rise of uncertainty, including widespread speculation of a Greek exit from the euro.
What is necessary in order for that to be a success? The euro was established to be as solid and confidence-inspiring as the best national currencies. The euro is the currency not of one single country, but of 15 countries – soon to be 16 with the addition of Slovakia. This union of 15 states shares a common destiny.