In particular, monetary and other macroeconomic policy actions must not fall behind the curve. Although the increase in interest rates may attract further capital inflows, we should not rely too much on the above-mentioned short-term regulatory and macro-prudential measures.
EMU membership is acting as a catalyst for further progress on the structural front and for the reinforcement of macroeconomic stabilization as Greece deepens its economic and financial integration with the euro area. Continued structural reforms will tend to increase total factor productivity, which has been a significant driving force behind growth in recent years.