– policy actions given the dispersion of sources, the need for the integration of credit markets raises questions on how to measure over - indebtedness and assess household creditworthiness in similar ways. this will improve micro and macro financial surveillance and enable a more comprehensive assessment of financial stability risks. in effect, this calls for a harmonized system of measuring credit data in the eu. nevertheless, regulatory and institutional experience vary amongst eu member states, as national credit registries do not exist in certain member - states, while various interests in the credit industry have dictated how the data centralization systems would be set up ( i. e. credit bureaus, credit reference agencies, public credit registers etc ). the good news is that the european central bank has made significant steps for the setting - up of a centralized infrastructure for the collection and sharing of granular credit - risk data within the banking sector on a eu - wide scale, called “ analytical credit dataset ” ( ‘ anacredit ’ ). anacredit will impose new reporting requirements for lenders and credit bureaus in the euro area, which will enable the harmonization of credit data that credit bureaus have in their databases. in this vein, all stakeholders ( credit bureaus, lenders, borrowers, consumers ) may be obliged to use the same set of indicators and harmonized definitions which, eventually, will allow for a paneuropean comparison of the levels of indebtedness levels. having said that, our problems will not disappear automatically with an integrated pan - european database. the relevant supervisory activities should be enhanced in order to ensure that credit bureaus implement best practices in data collection processing and submission. supervisors should ensure that appropriate procedures are in place so that the rights of customers can be protected, while the protection of security and confidentiality of data should remain high on the agenda. best practices indicate that credit reporting systems should benefit from a legal and regulatory framework that is transparent, predictable, proportionate and supportive of consumer rights. the legal and regulatory framework should allow more than one credit bureau license in order to avoid the creation of a monopoly. credit bureaus should be allowed to operate under an institutional framework that could regulate its specific activities, including the receipt and processing of consumer information, its database updates, as well as the means for compiling information and assessing consumers ’ creditworthiness. since the level of information is expected to be harmonized, private credit bureaus that have obtained a license could then compete on

##es. last year, the primary surplus was 4. 2 % of gdp, outperforming the target of 0. 5 %. the current account during the last two years had effectively been in balance from a 15 % deficit eight years ago. at the same time, sweeping structural reforms have been implemented, covering the pensions system, the health system, labour markets, product markets, the business environment, public administration, etc. recapitalisation and restructuring have taken place in the banking system and significant institutional reforms have been initiated aiming at reducing the volume of npls. moreover, there is evidence that the economy has been undergoing a rebalancing towards tradable, export - oriented sector : the share of exports of goods and services in gdp increased from 19 % in 2009 to 28. 2 % in 2016, with most of the increase coming from exports of goods. 2. 3 recent economic and financial developments see appendix for an update on the macroeconomy and the banking sector. 3. bog proposal - a mild debt relief exercise see appendix for details. 4. major pending issues two quotes from the latest eurogroup statement ( 15. 06. 2017 ) : i ) “ the eurogroup stands ready to implement, without prejudice to the final dsa, extensions of the weighted average maturities ( wam ) and a further deferral of efsf interest and amortization by between 0 and 15 years. as agreed in may 2016, these measures shall not lead to additional costs for other beneficiary member states ”. ii ) “ in view of the ending of the current programme in august 2018, the eurogroup commits to 2 / 4 bis central bankers'speeches provide support for greece ’ s return to the market : the eurogroup agrees that future disbursements should cater not only for the need to clear arrears, but also to further build up cash buffers to support investor's confidence and facilitate market access ”. 4. 1 getting greece into qe the person speaking before you was the first greek economist to talk about the modalities and the benefits of getting greece into ecb ’ s qe programme, in october 2015 talking to international investors in new york, and the programme – let me remind you that the qe programme started in march 2015. president draghi, when asked about the eventuality of greece ’ s participation in the ecb ’ s qe programme [ on many occasions in fact, right after many governing