In order to get a better fix on the underlying trend of inflation, we should look at the Bank’s core measure of inflation - the measure that excludes fluctuations in energy and food prices and the effects of changes in indirect taxes. This core measure has remained in the bottom half of the 1 to 3% target range we have set for controlling inflation.
These elements, BIS central bankers’ speeches  5  amongst others, include: (a) the recently voted amendment of Law 4354/2015 which paved the way for the development of a secondary market for non-performing loans; (b) the establishment of an enhanced framework for out-of-court workouts and the pre-bankruptcy process; (c) the elimination of a series of taxation driven obstacles both for borrowers and lenders; (d) the re-drafting of the Code of Conduct to address issues identified in the early implementation phase; (e) amendments in legislation, which would ensure the cooperation of old shareholders in the restructuring of the underlying businesses; and, finally, (f) the launch of a comprehensive monitoring framework in relation to banks’ non-performing exposure resolution activities.