Dealing with the deficit, rebalancing the economy and building a society that rewards people who work hard and do the right thing".
In the week that Portugal has confirmed it will receive a bailout of nearly €80bn, there can be no question of the need to deal with the deficit and rebalance the economy, both of which are vital preconditions delivering a new model of growth".
"Ireland sought emergency help three years ago to keep its finances under control and has met the terms of the programme, implementing austerity to bring down its budget deficit and rebalance the economy".
But if the member-states running big external deficits cannot rebalance, they will oppose moves to deepen the single market, such as freeing-up trade in services within the currency bloc.
Agreement over tackling the deficit and "rebalancing" the economy is said to be the glue which holds the coalition together.
But there is still enough that is bold in the programme to avoid this judgment: notably school reform, higher education reform and the central economic policy of deficit reduction and rebalancing the economy.
Talk of citizen conventions and national councils will do little to rebalance the democratic deficit in the country, but emboldening the role of local government could spark a civic revival.
"The current construction boom is starting to redress this shortfall but the scale of the deficit means the pace of rebalancing is slow," he said.
Whether it's the debt and the deficit, borrowing, growth, or the "rebalancing" of the economy away from finance, personal credit and the south-east, the pair have not even come close to meeting their own targets.
The past three years have seen weak growth, slippage on deficit reduction, zero evidence of rebalancing and the downgrade of Britain's credit rating that austerity was supposed to insure against.
