But I would first like to focus on one element of the Greek adjustment programme where I believe the ECB’s advice is of particular relevance – the financial sector strategy. Financial sector reforms are a key element of macroeconomic adjustment programmes, for one simple reason: any sustainable economic recovery needs to be supported by an adequate supply of credit.
With the power of information technology, perhaps the analysis of the savings and payment patterns of a client can indicate which one of them is ready to use credit well. One roadblock to access, even to something as simple as a universal basic savings account, is Know Your Customer (KYC) requirements.