change adaptation strategy of greece by addressing specific objectives such as the systematisation and improvement of decision making for climate change adaptation, the promotion of adaptation policies and actions in all sectors, the establishment of monitoring mechanisms for the evaluation and review of adaptation policies and the strengthening of the adaptive capacity of the greek society through awareness and dissemination actions. apart from public policies, the process of addressing climate change can undoubtedly be accelerated if established growth models are adjusted in order to ensure long - term sustainability. under conditions of depletion of natural resources worldwide, a focus on more efficient use of resources and minimisation of waste emerges is the obvious solution. the model of a linear economy prevailing today ( sourcing – manufacturing – use – disposal ), on which most economies since the industrial revolution have relied, is no longer sustainable. just like nature, which operates in a circular manner, business activity can become sustainable by switching from the linear model to a circular one. circular economy means that the value of products, materials and resources is maintained in the economy for as long as possible and waste generation is minimised. 3 / 5 bis central bankers'speeches this transition to a circular economy requires interventions on the supply side, such as ecodesign and longer life cycles of products, as well as on the demand side, through a change in consumption patterns and a more efficient management of waste, with appropriate financial incentives and community engagement. this transition is expected to have a positive effect on production, employment, climate, nature, natural resources and social well - being ( 11 ). along these lines, consumers can modify their behaviour and favour more sustainable practices, as consumer demand can be a powerful driver, encouraging companies to switch to more sustainable production practices and environmentally - friendly products. another example is our dietary habits that have a devastating effect on the planet ’ s natural resources, land and water reserves. a lower consumption of meat and dairy products would bring substantial savings on cultivated land and water resources, reduce carbon emissions and help to gradually restore forests and wildlife. focusing further on solutions, probably the most important thing we can do is educate the youth. education is a vital element of the global response to climate change, as it supports young people to understand the impact of global warming, inspires changes in their behaviour and increases climate literacy, limiting the scope for controversy over this serious issue. it is for these reasons that the bank of greece, through the work of the climate change impact study committee, addresses climate literacy and has in the past

bonds stay low. by investing cash from maturing bonds into bonds with a maturity of, say, at least ten years, such an operation twist could be potentially useful during the reinvestment period, since it can be used as a vehicle for differential stimulus across countries. this fine - tuning of the maturity of assets is nothing unprecedented. in 1961, the fed sold shortterm t - bills and replaced them with longer - dated government bonds, while in the period between september 2011 and december 2012, the fed replaced $ 667 billion in securities with maturities below three years with longer - dated assets. in terms of challenges ahead, beyond the reinvestment period i. e. beyond 2020, let me focus on a pivotal issue. question : is there an optimal central bank ’ s balance sheet size? an important issue is how long it will take for the ecb to reduce the balance sheet to its original – or another predetermined – level. my personal view is that there is no need for the ecb to rush to reduce the size of its balance sheet, as one needs to take into account the uncertainty created among market participants and to avoid any potential market disruptions. there are other ( conventional ) tools to use if tightening is deemed necessary, including : raising interest rates even with a large balance sheet, increasing reserve requirements, using reverse repo operations to drain excess liquidity. what is important is to make sure predictability is safeguarded by presenting a normalisation sequencing roadmap, which allows the balance sheet to shrink passively by holding the assets purchased to maturity. there are pros and cons of a large central bank balance sheet ( from the standard monetarist argument that points to excess liquidity originating a rapid inflation to financial stability considerations ). no matter what this optimal size is, it is important for the central bank to communicate with the markets what will be the new ‘ normal ’ balance sheet size. in other words, central banks should define clearly the framework, in which they intend to implement monetary policy at the end of the normalisation period. let me now briefly turn to developments in and prospects for financial markets. b. global markets our research and financial operations department and the asset management committee, which i chair, at the bank in athens, share the widely held view that the us dollar will remain strong in the months ahead [ by midyear about 6 % above its low point against other currencies in february ], vis - a - vis