A report by credit rating agency Standard & Poor's has found that Ireland and Estonia have made the biggest budgetary adjustments of those euro zone countries struggling to control their debt levels.
S&P's study looked at measures taken in five countries - Ireland, Spain, Portugal, Greece and Estonia - between the end of 2008 and 2011.
"Estonia and Ireland have adjusted more, and demonstrated greater flexibility in the face of external pressures compared to other net debtor euro zone economies," S&P said.
It said both countries had narrowed their current account deficits, due to significant declines in labour costs, while both had also restored their competitiveness.
S&P said Spain looked to be only a year away from balancing its current account, but Portugal had further to go, while Greece had "even longer".
