a focus on the removal of rigidities and the implementation of measures which enhance wage flexibility. in particular, we should see the elimination of automatic wage indexation clauses and a strengthening of firm - level agreements so that wages and working conditions can be tailored to firms ’ specific needs. these measures should be accompanied by structural reforms that increase competition in product markets, particularly in services – including the liberalisation of closed professions – and, where appropriate, the privatisation of services currently provided by the public sector, thereby facilitating productivity growth and supporting competitiveness. we are now at your disposal for questions. bis central bankers ’ speeches

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