Extensive rescue packages along with non-standard measures taken by the ECB helped to calm the markets and prevented the crisis from escalating. To some commentators, the present situation is not much different. Greece is again capturing the headlines.
At a later point, the Commission will issue guidelines for the content of the automatic adjustment mechanism. Indications are that it will be an obligation to take action, not an automatic mechanism as such. The structural deficit is an expression of the “sustained” balance situation, be it a budget deficit or surplus.