The issue is all the more surprising given that, overall, the euro area is progressively recovering from the 2008–09 recession, with some countries performing strongly. The average budget and deficit in the euro area is substantially lower than in other parts of the world. Its labour market has proved more resilient and industry more competitive.
The three countries in distress under the IMF/EU adjustment programmes account for about 6% of euro area GDP. Furthermore, we should not forget that we have experienced the biggest economic and financial crisis since the Second World War. The euro is a construct without precedent and was hit by the crisis before reaching the age of ten.