As the world continues to scrutinize the health of the eurozone, Standard&Poor's Ratings Services has developed a Rebalancing Progress Metric (RPM) to measure the progress net debtor sovereigns are making in rebalancing their economies. The aim of the RPM is to assess how quickly the eurozone economies that had been consuming above their annual incomes are exporting their way back to a current account surplus by restoring competitiveness, and whether this is mirrored in an adjustment in unit labor costs (ULCs). Back in 2008, Estonia, Ireland, Spain, Portugal, and Greece were all running sizable current account deficits, while ULCs had increased to historically high levels (as measured by OECD data in national currencies), implying a significant loss of
