of growth in emerging markets ( most notably china ), and the implications of brexit for trade. in the euro area, economic growth is increasingly gaining traction. the euro area economy has been posting positive growth rates for 18 quarters in a row and the latest data suggest that this momentum will be maintained in the period ahead. the accommodative stance of monetary policy bolsters domestic demand. employment growth and some pick - up in wage growth support households ’ disposable income. combined with a progressive increase in household wealth, these have a benign effect on private consumption. investment recovery is assisted by improved corporate profitability and very favourable financing conditions. robust external demand supports euro area exports, although the recent appreciation of the euro is a source of uncertainty regarding the overall contribution of net trade to economic growth. 1 / 7 bis central bankers'speeches inflation is expected to decline in the short term, mainly reflecting base effects in the energy component. over the next two years, inflation is expected to remain well below a level compatible with the ecb ’ s inflation target. moreover, developments in core inflation have yet to show convincing signs of a sustained upward trend. against this background, the ecb governing council, with the recent recalibration and extension of its asset purchase programme until september 2018 or beyond, if necessary, confirmed that a substantial degree of monetary accommodation is still needed to ensure a sustained return of inflation to rates of below but close to 2 %. 2. developments and prospects of the greek economy since the onset of the sovereign debt crisis in 2010, greece has implemented an economic adjustment programme that has eliminated the fiscal and external deficits and has improved international ( especially labour cost ) competitiveness. at the same time, a bold reform programme has been implemented in the pension system, the health system, labour and product markets, the business environment, public administration, the tax system and the budgetary framework. its implementation, alongside a privatisation and a public asset development programme, is ongoing. according to a recent lisbon council report ( europlus monitor, september 2017 update ), greece ranks first in the eu - 28 on the basis of the adjustment progress indicator. moreover, on the basis of the world bank ’ s “ ease of doing business ” index ( “ starting a business ” subindex ), greece ’ s ranking has improved considerably between 2011 and 2017 ( from 148th in 2011 to 37th in 2017 ), although there is still significant room for improvement. as

and positive gdp growth rates after seven years of sacrifices, recession and stagnancy, which have taken a toll on economic and social cohesion. references : draghi, m. ( 2017 ), “ monetary policy and the outlook for the economy ”, november, www. ecb. europa. eu / press / key / date / 2017 / html / ecb. sp171117. en. html. praet, p. ( 2017 ), “ recent economic developments in the euro area ”, november, www. ecb. europa. eu / press / key / date / 2017 / html / ecb. sp171116 _ 1. en. html. ιοβε ( 2013 ), the contribution of ocean - going shipping to the greek economy : performance and outlook, iobe. gr / docs / research / en / res _ 05 _ f _ 07012913rep _ eng. pdf. imf ( 2017 ), global prospects and policies, world economic outlook, october. lisbon council ( 2017 ), europlus monitor, september update. stournaras, y. ( 2017a ), “ greece and the global economy : prospects and main challenges ahead ”, speech at an event organised by credit suisse, athens, 11 o c t o b e r, www. bankofgreece. gr / pages / en / bank / news / speeches / dispitem. aspx? item _ id = 476 & list _ id = b2e9402e - db05 – 4166 – 9f09 - e1b26a1c6f1b. stournaras, y. ( 2017b ), “ the greek economy : prospects and main challenges ”, speech at the 2nd eu - arab world summit, athens, n o v e m b e r, www. bankofgreece. gr / pages / en / bank / news / speeches / dispitem. aspx? item _ id = 482 & list _ id = b2e9402e - db05 – 4166 – 9f09 - e1b26a1c6f1b. unctad ( 2017 ), review of maritime transport, unctad. org / en / pages / publicationwebflyer. aspx? publicationid = 1890 world economic forum ( 2017 ), the global