And so today, I would like to do three things: • • •  first, illustrate and characterize this gap; second, explore some measurement and behavioural explanations of this disconnect between perception and reality; and third, examine the implications for monetary policy, including communications to different audiences.
But even apart from that: do you think that by leaving the euro, printing a new currency and undergoing the subsequent adjustment, Greece could avoid the structural reforms that are necessary? No, they remain necessary. But it would be easier to find agreement for the adjustment and, above all, the sheer possibility of an exit would improve the basis for the negotiations with Greece.