The cyclically-corrected adjustment of the primary balance was close to 20 per cent of GDP at the same period. The rest of the programme countries have also undertaken substantial adjustment efforts. What makes these achievements especially impressive is that they have taken place in a contracting economy.
•  Member-states in economic adjustment programmes have also made substantial progress towards eliminating their external imbalances and improving their competitiveness. Between 2008 and 2013, the current account balances as a  6  BIS central bankers’ speeches  percentage of GDP of Ireland, Portugal and Greece improved by between 10 and 16 percentage points.