Verdict from the seven judges

„The best performing ministers in 2012 were Greece’s Yannis Stournaras, Portugal’s Vítor Gaspar, Ireland’s Michael Noonan and Italy’s Vittorio Grilli. They pushed for far-reaching and comprehensive reforms of a kind that have never been seen before. They tightened fiscal policy despite widespread demonstrations. They stood up to populist voices and were ready to fight entrenched vested interests. Mr Stournaras deserves the highest grade: unlike his predecessor, he managed – at last – to convince his government to implement a substantial fiscal tightening and long overdue structural reforms.

The worst performing minister was by far Hungary’s Gyorgy Matolcsy, followed by Luis de Guindos of Spain, who continues to underestimate the depth of the country’s property bubble and of its crisis. Third worst was France’s Pierre Moscovici: despite benefiting from the legitimacy of a newly elected government and President François Hollande’s full support, he has disappointed so far. He denies the extent of problems on the supply side of the economy, unduly bashes business, engages in populist policies (oil tax cuts, for example), shies away from much needed structural reforms and fails to articulate a decisive French answer to the euro crisis.”