fact that a small number of euro area countries recorded zero or negative gdp growth in the first or the second quarter of 2008. 3. according to available projections, while some downward revision during the next two months cannot be excluded, growth rates should remain positive in 2008, of the order of 1. 5 - 2. 1 % in the euro area and 3. 4 - 3. 5 % in greece. in both cases, exports and domestic demand will remain the main drivers of growth, although their contribution to growth will be smaller than in 2007. however, in spite of the shocks experienced during the last twelve months, the economic fundamentals of the euro area as a whole remain sound. 4. as far as greece is concerned, the adverse international environment makes it imperative to intensify, rather than simply not relax, efforts to address the macroeconomic imbalances and structural weaknesses which are reflected in : - the large current account deficit ; - the still high public debt - to - gdp ratio ; - the persistent inflation differential vis - a - vis the euro area as a whole ; and - the unemployment rate, which despite its decline remains relatively high. the increase in the world prices of oil and food commodities this increase presents a major, but not unprecedented, challenge. this time we have to deal with the challenge in a correct and, above all, timely manner, ensuring that it does not trigger a second round of endogenous, broadly - based inflationary pressures. targeted relief of economically weaker groups must be prioritised. this will require a brave effort from all parties involved, enterprises and households alike, to adapt to the new conditions. we must not repeat the painful mistakes of the past. 1. adding to the credit - related macroeconomic uncertainties are those that arise from the possibility of further increases in the world prices of oil and other raw materials as well as food. 2. all of us, i. e. policy makers and social partners, have a duty to make sure that the fundamentals of the greek economy improve and that heightened macroeconomic risks do not materialise. as our economy now faces the effects of exogenous and to some extent temporary shocks, it is of the utmost importance to ensure that the adverse effects of domestic factors – i. e. the macroeconomic imbalances and structural weaknesses that i mentioned earlier – on our medium - term prospects of output, employment and incomes are contained. should we fail, hard times for all of us will last longer

. the anpr is built on ideas advanced by a broad set of stakeholders, including the nba and mdis. it has been 25 years since we last reformed cra, so it is important that we get it done right. the cra is a critical law, enacted along with other complementary federal civil rights laws during the late 1960s and 1970s, to address redlining and systemic inequities in access to credit and other financial services for minority communities that contributed to dramatic differences in economic access and overall financial well - being. even with these critical laws, the legacy of discriminatory lending and systemic inequity in credit access remains in evidence today. a foundational goal for the anpr is to advance the core purpose of the cra statute. right at the outset, the anpr asks for open - ended feedback on a foundational question : how should cra ’ s regulatory implementation be modified or changed to address systemic inequity in credit access to minority individuals and communities? as leaders in this field, we welcome your feedback on how to strengthen cra implementation to further the statute ’ s core purpose. advancing the cra ’ s core purpose includes strengthening the regulations to ensure that a wide range of low - income and minority banking needs are being met. as part of this objective, cra modernization provides a unique opportunity to carefully - 6examine the mdi provisions in the cra statute to ensure proposed changes to the regulation maximize the benefit and impact for mdi banks and the customers and communities they serve. in the anpr, we placed a priority on strengthening the special consideration for mdis, women - owned financial institutions, and low - income credit unions in the current regulation, as well as adding new proposals based on your feedback. the board believes that any provisions to assist mdis should be clearly defined and applied in cra performance assessments. we consistently heard from mdis and larger banks that there is a lack of awareness of the existing mdi provisions in the cra regulations or a lack of understanding of how collaboration with mdis ultimately “ count ” in a cra examination. in response, the board plans to highlight all mdi special provisions and make the credit they receive more prominent and clear in revised regulation, examination guidance, and other public documentation. in addition, in the anpr, we proposed four specific new mdi provisions. first, the anpr proposes giving banks credit for activities with mdis, women - owned financial institutions, and low