Part 5/9:
However, in a surprising turnaround, the last three years have witnessed Southern Europe emerging on a path of recovery and growth. These economies have engaged in successful structural reforms, benefiting from high inflation, which has helped stabilize their fiscal positions. Reports indicate that by 2022, Spain managed to reduce its budget deficit significantly, and Greece and Portugal operated with fiscal surpluses, contrasting starkly with countries like France, which faced considerable budget deficits.