In order to capitalise on the progress achieved so far, strengthen favourable prospects and enhance investor confidence in the future of the Greek economy, a strict adherence to the implementation of the structural reforms that have been agreed upon under the programme is warranted.
To ensure sustained higher growth, reforms are needed to remove any obstacles to development, foster innovation and help modernise the productive system. Acting in isolation, monetary policy can do nothing but continue along the path of “non-standard” measures. This increases the risk of adverse side effects, which, in turn, need to be kept under control using instruments of an increasingly administrative nature.