and international markets. other desirable features might enable data to flow seamlessly through the internal systems of the purchaser, the seller, and perhaps intermediaries - - all at a low cost, of course. because the products or services, scale, and complexity of business - to - business transactions vary widely, satisfying the needs of this diverse market may be more difficult than satisfying those of the other markets. i have heard reports, however, that many banks and other organizations are aggressively seeking ways to provide services for this market. the federal reserve in the payment system now, turning to the role of the federal reserve, recall that one reason that the congress established the federal reserve was to improve the nation's payment system ; the federal reserve act of 1913 provides the foundation for the federal reserve to establish a national check - clearing system. today, the reserve banks distribute cash, clear checks, and provide electronic payment services to banks. in addition, the federal reserve system has had a long - standing role in helping to formulate public policies that improve the overall efficiency of the nation's payment system and reduce risks. recently, evolving technology and growth in alternatives to cash and check payments have raised questions about the federal reserve's role in the payment system. in 1996 and 1997, a committee headed by alice rivlin, then the federal reserve vice chair, studied the federal reserve's operational role in the payment system. ultimately, the study concluded that the federal reserve should continue to provide all its existing payment services with the explicit goal of enhancing efficiency, effectiveness, and convenience, while ensuring access for all banks. the study also recommended that the federal reserve work actively, closely, and collaboratively with providers and users of the payment system, both to enhance the efficiency of check and ach services and to help develop strategies for moving to the next generation of payment instruments. to follow up on the recommendations of that study, the federal reserve created the payments system development committee, which i co - chair with cathy minehan, president of the federal reserve bank of boston. the payments system development committee has an explicit mission. in addition to identifying strategies for enhancing the long - term efficiency of the retail payment systems, it also identifies barriers to innovation and works to address those barriers where possible. the committee is active in monitoring developments in payment markets and has sponsored workshops and forums that encourage focused discussions with the private sector. our current activities include efforts to reduce legal and regulatory barriers to payment innovation, examine future clearing and settlement

##d the growth prospects of the greek economy and prolonged the crisis. 2. progress since the beginning of the debt crisis despite the missteps, occasional backsliding and delays, significant progress has been made since the beginning of the sovereign debt crisis in 2010. the implementation of a bold economic adjustment programme has eliminated the root causes of the greek crisis. it is particularly worth noting that : the fiscal adjustment was unprecedented, turning a primary deficit of 10. 1 % of gdp in 2009 into a primary surplus of 4. 3 % of gdp in 2018 ( according to the enhanced surveillance definition ). the primary surplus exceeded the programme target for the fourth year in a row. the current account deficit has been reduced by 12 percentage points of gdp since the beginning of the crisis. labour cost competitiveness has been fully restored, and price competitiveness has recorded substantial gains since 2009. a bold programme of structural reforms was implemented, covering various areas, such as the pension and healthcare systems, goods and services markets, the business environment, the tax system, the budgetary framework and public sector transparency. the banking system has been restructured. only four large banks control today over 95 % of the market, as more than ten other banks have been merged or liquidated. meanwhile, the role of the bank of greece was pivotal in the restructuring and recapitalisation of the banking system, as well as in the enhancement of its corporate governance. today, banks ’ capital adequacy ratios stand at satisfactory levels, and their loan - loss provisions are sufficient to address potential credit risks. furthermore, a number of important reforms have been implemented, aiming to provide banks with an array of tools to tackle the problem of non - performing loans ( npls ), including a strengthening of the supervisory framework by setting operational targets for npl reduction, the 2 / 11 bis central bankers'speeches creation of a secondary npl market and the removal of various legal, judicial and administrative barriers to the management of npls. these actions have started to bear fruit, as shown by the continued reduction of the npl stock in line with the targets set. non - performing loans amounted to €80 billion at the end of march 2019, down by €27. 2 billion from their peak in march 2016. however, the npl ratio remains high, at 45. 2 % in march 2019. on account of the reforms implemented since the beginning of the crisis and the effort of enterprises to make up for declining domestic demand by exporting to