mid - 2018. clearly, this objective cannot be achieved without a strong commitment from the greek authorities to continue implementation of the reforms necessary to bring the fiscal stance on a sustainable path and to support growth. over the past years, greece has achieved a significant adjustment in terms of reversing the twin deficit of fiscal and trade balance. greece is moving towards a more outward - oriented economy with a prudent fiscal stance. the challenges, however, remain considerable, and it is essential to maintain the momentum and persist with the reform efforts to have a sustained improvement. regaining market access needs to be also based on restoring debt sustainability. to this end, the full implementation of the programme needs to be complemented by a set of debt - mitigating measures in accordance with the eurogroup agreement of 25 may 2016. this in turn can provide the assurance that markets require for financing the future needs of the greek economy. 1 / 4 bis central bankers'speeches what will happen to greece if this programme is not successful either? is there a plan b? there are already rumours and scenarios of a fourth memorandum of understanding ( mou ). this is not an option that anyone is considering. it is vital for greece that the third programme is a success. what do you believe will be the final outcome of the discussions on greek debt? will the interventions that will be decided now be enough to ensure the much talked - about “ sustainability ”? the ecb supports the need for debt measures in line with the eurogroup agreement of 25 may 2016. the nature of the measures is for the euro area member states to decide. the international monetary fund ( imf ) argues that greek debt is not sustainable and that the primary surpluses foreseen in the july agreement will be difficult to achieve. greece ’ s eu creditors take a different view. doesn ’ t this disagreement between the institutions send mixed signals to the international markets and to investors? all the institutions have voiced concerns about the sustainability of greek debt. there are different views on the primary surplus which the measures included in the mou can deliver, but diversity of views is in itself useful : risks should be highlighted and accounted for by specific debt measures. let me say again that i consider imf participation to be a factor of credibility for the programme. do you agree with the view that the policy mix applied in greece, with successive tax increases, spending cuts and high targets for primary surpluses, is “ deadly ” for economic growth? bringing public finances back into

mario draghi : interview in handelsblatt interview with mr mario draghi, president of the european central bank, in handelsblatt, published on 2 january 2015. * * * mr president, the pope is of the opinion that, these days, europe is looking old and sick. do you share his opinion? draghi : europe needs to regain its self - confidence after the crisis. this cannot happen by miracle. it hinges upon european governments and european institutions. it requires the introduction of reforms and a stable financial framework. this way, european citizens will regain confidence in their future and their opportunities. confidence is the prerequisite for a society in which people buy and invest. europe can do that and i am firmly committed to that goal. the pope says that, also for the sake of the rest of the world, europe should regain youth and health, and it is in our power to make it happen. what is causing this lack of confidence that you refer to? draghi : it is a legacy of the various crises that happened in 2008 and 2009 which clearly revealed the weaknesses in the old framework. and what did you find? draghi : we found that the debt levels of banks and nation - states were too high. important rules of a market economy – for example, the rule that risk and responsibility go hand in hand – had been forgotten. all this contributed to shatter the confidence of many people in europe. this is why europe is in need of structural reform. i have been saying this for a very, very long time. i can only repeat it. you keep saying it but you are not being heard. the ratio of debt to gdp has continued to rise everywhere in the west. in europe, the government debt to gdp ratio has risen by almost 50 % since the start of the financial crisis in autumn 2008. at the moment, only five of the 18 euro area countries do not exceed the debt limits laid down in the stability and growth pact. draghi : this is partly due to the fact that, in some parts of europe, there has been absolutely no growth over the past few years. however, more recently, most countries have started to grow again, though weakly, and to put their fiscal positions in order and to undertake structural reforms. and, as a result, debt levels are falling for the first time. but, this takes time. moreover, progress on the important structural reforms – more flexible labour markets, less bureaucracy, lower taxes – is clearly