BIS central bankers’ speeches  undertaken more than a decade ago. Does this make Germany a role model for other countries in the euro area? Certainly not down to every detail. Each country is different, and each country needs a different set of reforms. There is one thing we can learn from Germany’s experience, though: reforms do pay off eventually.
This is an important point to remember and it is confirmed by the current state of the euro area. Let us take a closer look. 3  The euro area: approaching the end of the crisis  In the euro area, the end of the crisis is getting closer – slowly but steadily.