Moreover, programme countries have rebalanced their current accounts, not only via demand compression but increasingly through genuine gains in competitiveness. To be sure, we cannot afford to be complacent. Debt levels and unemployment are high and unevenly distributed, and the nascent recovery remains weak and uneven.
We also need to restore trust in the banking sector, which is key to improving lending conditions to the real economy. In this regard, the comprehensive assessment of euro area banks will be crucial. •  Moreover, with the new governance framework the Member States have taken key steps towards internalising economic and financial spillovers within EMU.