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It fits right into the current raging debate over which path China's reformers should take in the next stage of "structural reform".
In theory, this judgment is independent of structural reform.
Unfortunately the process of structural reform in the region has largely stopped.
I do not deal here with other key issues of structural reform.
Southern Europe's crash programme of structural reform is partly inspired by Germany.
That is why the pace of structural reform has been so disappointing.
"There has been a lot of structural reform," says Dr Higham.
All the troubled economies, solvent or insolvent, need a renewed programme of structural reform and liberalisation.
But not the sort of structural reform that involves pay cuts, a weakening of collective bargaining and austerity.
The Fund also urges eurozone officials to find ways to better measure and encourage progress in areas of structural reform.
"Doing the German solution of structural reform is going to take a decade, not fast enough to restore competitiveness.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com