My remarks today, will deal with the origins of the ongoing financial markets turmoil, the policy responses to this turmoil, mainly by the major central banks, and prospects and policy challenges for the euro area and the global economy in the light of this turmoil. Greece will, therefore, not be the focus of my remarks this morning.
Let me just note that Greek banks generally have a relatively comfortable capital base and strong profitability, their exposure to U.S. sub-prime mortgage loans has been negligible, while the impact of the international financial market turmoil on the Greek banks has so far been indirect and rather contained.