Yannis Stournaras: The world economy and Greece - prospects and challenges with a focus on the role of shipping Speech by Mr Yannis Stournaras, Governor of the Bank of Greece, at the Union of Greek Shipowners, Athens, 4 December 2017.
• External shocks resulting from spillover effects will normally be absorbed to a significant extent through exchange rate adjustments in those countries with flexible rate regimes. The empirical evidence shows that after a certain threshold the depreciation of a currency can have non-linear effects on inflation and other macroeconomic variables.