Thankfully, things are moving: throughout the euro area, we see governments embarking on structural reforms, some courageously, others somewhat more timidly. Some euro area countries – notably Germany, but also France, Austria, Belgium and Finland – have made significant progress in  2  BIS Review 25/2005  improving competitiveness over the past few years. And competitiveness is a key determinant of longterm growth.
Its national debt brake has been up and running since 2003, since which time debt has roughly levelled off, and the debt ratio has been on the decline. But we can glean more detailed insights from the cantonal fiscal rules, which are now in place in nearly all the country’s cantons.