people in most eu countries, but also their role as incubators of innovation and inclusive growth is increasingly recognised. these smes need support to build their competitiveness. * * * in closing, isolationism is not a viable option. the interdependence of economies, value chains, production processes and the increased use of technology have made obsolete the notion of going it alone. collaboration with the private sector will be critical to bringing additional capacity and transformation on the ground. it can also play an important role as a source of innovative technologies, management and organisational skills and enhanced capabilities. private sector, the academia and institutions are all needed to build a compact of active partnerships. smart partnerships can bring multiple wins for all involved in the medium and long term, where efforts of today can create opportunities for tomorrow. 1 eurostat ( 2019 ), “ manual on government deficit and debt — implementation of esa 2010 ”. 2 global infrastructure outlook, oxford economics. 3 united nations ( 2016 ), “ public - private partnerships and the 2030 agenda for sustainable development : fit for purpose, desa working paper no 148. 4 henderson, j., dhanaraj, c., perrinjaquet, m. and avagyan, k. ( 2019 ). strategic partnerships. [ online ] imd business school. available at : www. imd. org / research - knowledge / articles / strategic - partnerships. 5 / 5 bis central bankers'speeches

nicholas c garganas : recent financial market developments and implications for the euro area and the world economy keynote speech by mr nicholas c garganas, governor of the bank of greece, at the meeting of the international chamber of commerce ( icc ) commission on banking technique and practice, athens, 16 april 2008. * * * it is a pleasure indeed to welcome you to athens for this meeting of the international chamber of commerce commission. this meeting is taking place at a time of turmoil in global financial markets and a significant downturn in global economic growth. i am delighted to have this opportunity to offer some remarks about the present situation and the challenges ahead. we are living in the era of the great globalization and the icc has been an invaluable voice championing the benefits – including enhanced economic growth, prosperity, and job creation – of increased economic and financial integration. while globalization brings important benefits it also, sometimes, brings heightened risks and uncertainties, as recent financial market developments vividly illustrate. the last nine months have been a very challenging period for both policy makers and market participants. during this period, we have witnessed a major reappraisal of risk and a considerable, and still ongoing, turmoil in key financial markets. we have also seen – especially in the us and, to a lesser extent, in the euro area and the rest of the world – downward revisions of growth prospects amid increased risks and uncertainties. in order to be able to ensure that the full benefits of globalization are shared by our citizens, it is necessary to be able to manage the risks and uncertainties associated with globalization. my remarks today, will deal with the origins of the ongoing financial markets turmoil, the policy responses to this turmoil, mainly by the major central banks, and prospects and policy challenges for the euro area and the global economy in the light of this turmoil. greece will, therefore, not be the focus of my remarks this morning. let me just note that greek banks generally have a relatively comfortable capital base and strong profitability, their exposure to u. s. sub - prime mortgage loans has been negligible, while the impact of the international financial market turmoil on the greek banks has so far been indirect and rather contained. however, the financial market turmoil is far from over and there are still risks ahead of us. for this reason, the bank of greece has urged financial institutions to be especially prudent in their portfolio management. origins of the current financial market turmoil although the financial market turmoil