We at the Bank of Greece are proud to have been supportive of this initiative, right from its inception. Needless to say, we shall continue to support it whatever the circumstances. As the initiative now stands, we are even in position to successfully tackle the details where the devil often lurks.
For example, how should the need for adequate external financing and reserves buildup be balanced with the need to strengthen financial stability and avoid excessive lending expansion. The European Bank Coordination initiative owes much of its success to the efforts made by each and every one of us.