Inflation expectations also began to decline from 6.7% in October 2022 to 5.9% in November 2022, thus will support accelerated decline in core inflation in 2023 (Graph 13).
The Bank of Greece and the government have implemented several measures to address the long-standing impediments that dampened banks’ efforts to deal with the problem. As a first step, the Bank of Greece conducted a troubled asset review to assess the operational preparedness and effectiveness of banks’ established policies and practices to deal with the large scale resolution of troubled assets.