Moreover, the Bank stressed the need to send a clear message to the markets that Greece is determined to implement a multi-year plan of far-reaching fiscal consolidation and bold structural reforms. *** The developments that followed confirmed these dire warnings. The economy has entered a vicious circle and there is unprecedented uncertainty, which led to a series of downgradings in Greece’s creditworthiness.
The framework’s strengths are the following:   It features a clear, simple and well-understood target—a focal point.   The agreement with the government underpins its credibility.   And, finally, it is continually improved through the renewal process to ensure that we are able to meet future challenges.