and are supported when undertaking new and innovative work. inclusion fortnight, with 21 events over ten days across three sites, attended by almost 1700 people is the latest example of this commitment. all speeches are available online at www. bankofengland. co. uk / speeches an inclusive culture is essential to realise the benefits of our aim to be ‘ one bank ’. we are working to create a more agile work environment, which encourages cross - disciplinary and cross - team working further supporting the development of new ideas and approaches. we are encouraging innovative thinking through our research hub, where people have collaborated with colleagues across the bank and externally on over 50 projects. meanwhile, our research away days and one bank flagship seminar series expose policy and decision makers to different ideas ; from sportspersons to philosophers, and economists to psychologists. our seminars are broadcast externally so that others can benefit from this diverse knowledge. to empower colleagues, we have implemented an ‘ author in the room ’ policy so that expert staff can attend senior - level meetings and explain their papers in person and challenge conventional wisdom. our bank underground blog, launched in 2015, enables colleagues to share their diverse opinions outside the bank ’ s four walls. 400, 000 people viewed the blog last year. over the same period, its followers and subscribers increased by 60 %. our staff are reaping the benefits of these inclusion and transparency initiatives. two thirds feel encouraged to try new ideas, three quarters believe that their manager acts on people ’ s suggestions and ideas, and 60 % feel comfortable speaking up on important issues. we have improved on all of these measures since just a year ago. xxiii but we also need to do more. to get the most out of a diverse workforce, we also need to ensure people can bring their best to work and feel supported. our wellbeing programme promotes mental and physical wellbeing with staff counsellors, discounted gym - memberships, a cycle to work scheme, working life seminars and flexible leave options. an inclusive culture recognises that work can be done in many ways ; and that our best ideas can occur at any time and in any place. xxiv 11 % of our staff are employed on a formalised flexible working arrangement, including remote working. in our most recent survey, two thirds of people agreed that there was a good balance between their work and their personal life. our broader leadership training programme emphasises unconscious bias training to ensure diversity can flourish and progress. this training is part

difficult relationship with stabilization policies. for example, strong emphasis was put on reducing fiscal deficits via tax increases while neglecting reforms to the tax administration, to support the fight against tax evasion and broaden the tax base, both of which are admittedly of utmost importance in the case of greece. last but not least, sequencing of reforms played a crucial role, in the sense that labour market reforms were prioritized over product and services market reforms, contrary to analysis that suggested that reforms in product markets tend to facilitate or drive reforms in the labour market1. according to oecd, the existing reforms, along with those envisaged in the programme, are expected to lead to a cumulative increase in real gdp of around 13 % within a decade. this effect mainly works via an increase in the total factor productivity. however, there is a fundamental inconsistency relating to time when it comes to the cost - benefit analysis of reform measures : cost is immediate, whereas benefits are only realized in the long 1 / 2 bis central bankers'speeches term. thus, the time horizon over which reforms yield measurable outcomes usually exceeds a government ’ s time horizon. this is a major disincentive for reforms internationally and has played a major role in greece in recent years. this also explains why some reforms, although legislated, were effectively not fully implemented. in addition, the cost is beared by few but the benefits are reaped by many. however, those few that are directly affected from a reform are vocal in their opposition, while those who benefit in the long run do not advocate the benefits with the same tenacity. these opposing forces may explain the inertia of the status quo. * * * greece completed the financial support and adjustment programmes with a favourable legacy of adopted reforms. and although many things have changed, several reforms still need to be reinforced, given the poor initial conditions. in other words, the performance has been impressive in terms of first differences but, given the initial low level of structural competitiveness, greece still lags behind its peers. hence, the reform process must be pursued until the final goal is achieved, i. e. a competitive and dynamic economy that is able to stand on its own two feet. political and social awareness that the greek economy cannot return to the previous status quo is widely accepted, after the implementation of three adjustment programmes. i hope that this will suffice to bring about sustained support to reforms among greek policy