This result reflects the so-called productivity bias of fast growing economies. Macroeconomic stabilisation has been accompanied by healthy growth rates. Since 1996 output growth has exceeded the euro area average. Greek growth has averaged 3.5 per cent compared with 2.4 per cent in the euro area as a whole.
Moreover, if such securitized products are to be nurtured, there will be room for exploring ways to accept those securitized products as eligible collateral for the Bank’s operations. We will continue to make sufficient considerations while exploring various possibilities. Concluding remarks Today I have talked about Japan’s economic situation, its challenges, and the Bank’s conduct of monetary policy.