KLAUS REGLING Q&A

摘要

Of the five countries to receive assistance from the European Stability Mechanism [ESM] or its predecessor the European Financial Stability Facility [EFSF], four have needed only one programme. Which do you view as the biggest success stories? All four are successes, although for some the crisis is further behind than others. Cyprus, for instance, came out of its programme only a year ago, but has already joined the other countries as a big success story. That's perhaps not very well-known, because it is a small country. But considering how serious and painful the programme was in Cyprus - where the financial sector shrunk by about half - it has come a long way in a short time. Growth came back earlier than expected, its fiscal accounts are in surplus, and competitiveness has returned.