the policy behaviour of those issuers and holders of international currencies that are systemically relevant. the exchange rate and capital flow regimes are probably the core elements of the adjustment mechanism, since they define the degree of flexibility of each ims, i. e. its adaptability to changing economic circumstances. in contrast to the bretton woods system with fixed exchanges rates, semi - closed capital accounts and a strict adjustment mechanism, an ims such as the present one enjoys a much higher degree of adaptability. each country is free to choose its exchange rate and capital account regime, and the reserve - issuing countries face no ims - embedded limits to the creation of global liquidity. this is a fundamental strength of today ’ s system, but it may also become – as we will see – a major weakness to the extent that it creates scope for unsustainable domestic growth models and the ensuing accumulation of real and financial imbalances. bis central bankers ’ speeches what are the shortcomings of the present “ non - system ” besides the persistent external imbalances, there are many other shortcomings being mentioned about the present “ non - system ”. i can mention a few of them : abrupt reversal of capital flows ; systematic inflows going from emerging to developed countries ; inefficient accumulation of reserves by emerging countries ; excessive exchange rate volatility ineffective to ensure external balance ; asymmetry of adjustment pressure between deficit and surplus countries ; absence of mechanisms to ensure the sufficient and timely supply of global liquidity in times of financial crises. this list means that, potentially, all the features of an ims can be at stake in the present discussion, contrary to what happened in the late nineties when the discussion revolved around the functioning of the financial sector and the crisis prevention and resolution in emerging economies. the debate then was not about the reform of the ims but rather about a new global financial architecture, meaning the international framework for safeguarding and ensuring the efficient functioning of the global financial system. today, after the start of the crisis in 2007, the issues under discussion are at the core of what constitutes an international monetary system : 1 ) are new international currencies necessary and / or unavoidable in the present circumstances? 2 ) should changes be introduced in the foreign exchange regime? 3 ) does the system need new and stronger instruments of liquidity provision, especially in times of financial crises? 4 ) what changes should be introduced in the adjustment

yannis stournaras : investment in greece post - covid - 19 opening remarks by mr yannis stournaras, governor of the bank of greece, at the joint seminar of the bank of greece and the european investment bank, virtual, 2 march 2022. * * * i am happy to welcome you to the joint seminar of the bank of greece and the european investment bank. over the past years, the eib group had a crucial contribution in unlocking financing and promoting high - impact investments across greece. in close cooperation with leading greek banks and other partners, greece benefited more than any other country from the eib ’ s unique technical expertise, financial strength and environmental best practices. this seminar on investment and financing of the economy takes place at a time where both these elements are of paramount importance for the greek economy, i. e. after the pandemic crisis and the debt crisis, in order to succeed a swift recovery and sustainable growth over a longer horizon. economic activity is currently recovering from the recession caused by the pandemic and the lockdown measures adopted in 2020. the greek economy experienced the second biggest recession in the eurozone at – 9 % in 2020 but the pace of recovery is equally impressive. economic activity is estimated to have recovered in 2021 strongly, up by 8. 8 %, with the expansion of the vaccination programme and the gradual return of social and economic life to normalcy. for 2022, a growth rate of around 4. 7 % was envisaged just before the invasion of russia in ukraine. domestic demand will be the key driver of growth, mainly private consumption and investment. the external sector will contribute positively, but to a much lesser extent. the invasion of russia in ukraine creates an important supply side shock, which affects output negatively and increases energy prices in particular, but it is still rather early to estimate its impact. this will depend, among others, on the fiscal and monetary policy response at the european level, which is still not determined. the measures taken by the ecb, coupled with the supervisory flexibility provided by the ssm, have led to a significant improvement of liquidity in the banking system. the inclusion of greek government bonds in the pandemic emergency purchase programme of the ecb and the easing of collateral standards applied to eurosystem refinancing operations allow the supportive monetary stance in the euro area to be transmitted more effectively to the real economy. the bank of greece projects that the growth rate of