In fact, there is strong evidence that the widespread use of electronic payments have boosted tax revenue by reducing the informal economy. The recapitalisation of Greek banks was successfully completed in December 2015, with a substantial participation of private investors. The four significant Greek banks managed to cover the capital needs identified by the ECB’s stress tests.
It is a pleasure for me to appear before your committee for the first time as Governor of the Bank of Canada. We at the Bank appreciate the opportunity to meet with your committee, which we usually do following the release of our Monetary Policy Reports.