Social hardship would have hit the citizens of the programme countries much harder. And let us also not forget that in one case there was an extensive debate on the potential exit from the euro area. Instead, what have we experienced these last four years? Tremendous efforts have been made to repair financial sectors, improve the functioning of the economy and consolidate public finances.
That Ireland has just exited from its programme and regained market access is a demonstration of this hard-won achievements. In all the programme countries we have seen major progress, especially as regards fiscal adjustment and the stabilisation of banking systems. Cost and price competitiveness are being regained step by step; structural reforms are showing first results. Market access has improved.