However, further assistance can only be granted if Greece continues with its efforts to restore sound public finances and competitive economic structures. To regain investors’ trust, sustainability and competitiveness are necessary requirements. Suffice to say, it is not enough to correct misalignments solely at the national level, either in Greece or elsewhere in the euro area.
This milestone gives us an excellent opportunity to reflect on the main challenges of this institution. I start with a comment on the economic outlook. The overall picture is quite comforting, even though higher oil prices have added to the downside risks. The main challenge now is to establish a firm foundation for sustainable growth.