allow the rapid, effective and transparent settlement of arrears owed to private creditors and the public sector, 3. enhancing infrastructures and capacities in the in the judicial system and 4. addressing long - standing issues regarding the tax treatment of loan impairment charges, both for borrowers and lenders. the bank of greece will adhere to its commitments, in particular regarding the modification of the code of conduct and the implementation of a framework for target - setting and monitoring the npl management strategies of all greek banks. on their part, banks need to pursue a more active policy for npl management, by promoting long - term solutions and multi - creditor workouts, as well as focusing on the restructuring of viable businesses. these lines of action, coupled with the economy ’ s path out of the recession and back to growth, should bring about a stabilisation and, subsequently, a decline in the npl ratio. the outlook for 2016 the course of economic activity in 2016 crucially hinges on the successful completion of the first review of the programme and the implementation of the programme reforms. bis central bankers ’ speeches so far, important progress has been made towards completing the first review. specifically, a fiscal package of 3 % of gdp until 2018 has been agreed upon, which will be instrumental to achieving a primary surplus of 3. 5 % of gdp in 2018. two thirds of the programme measures have already been passed by parliament, including the necessary social security reform and the income tax reform. the remaining measures, which include changes in indirect taxation and reform of the public sector wage grid, are expected to be enacted in the next few weeks. the eurogroup of 9 may took stock of the progress with the first review and the eurogroup of 24 may is expected to make the final decisions on the review, the disbursement of the tranches and the methods of easing the burden of public debt. consequently, most of the distance to the completion of the review has been covered – as acknowledged by the european institutions. the establishment of a reliable contingency mechanism, which will be triggered in case of deviations, will increase the confidence of our partners and ensure the attainment of fiscal targets. this is expected to have a favourable impact on international markets ’ assessment of the prospects of the greek economy and put in motion a virtuous circle signalling a definitive exit from the crisis. the rate of change in real gdp is expected, at least in the first half of 2016, to remain in negative territory,

mark carney : summary of the latest monetary policy report opening statement by mr mark carney, governor of the bank of canada, at the press conference following the release of the monetary policy report, ottawa, 26 october 2011. * * * good morning. tiff and i are pleased to be here with you today to discuss the october monetary policy report, which the bank published this morning. the global economy has slowed markedly as several downside risks to the projection outlined in the bank ’ s july mpr have been realized. volatility has increased and there has been a generalized retrenchment from risk - taking across markets. the combination of ongoing deleveraging by banks and households, increased fiscal austerity and declining confidence is expected to restrain growth across the advanced economies. the bank now expects that the euro area – where these dynamics are most acute – will experience a brief recession. the bank ’ s base - case scenario nonetheless assumes that the euro - area crisis will be contained, although this assumption is clearly subject to downside risks. in the united states, real gdp growth is expected to be weak through the first half of 2012, reflecting diminished household confidence, tighter financial conditions and increased fiscal drag. growth in china and other emerging - market economies is projected to moderate to a more sustainable pace. these developments, combined with recent declines in commodity prices, are expected to dampen global inflationary pressures. the outlook for the canadian economy has weakened since july, with the significantly less favourable external environment affecting canada through financial, confidence and trade channels. although canadian growth rebounded in the third quarter with the unwinding of temporary factors, underlying economic momentum has slowed and is expected to remain modest through the middle of next year. domestic demand is expected to remain the principal driver of growth over the projection horizon. household expenditures are now projected to grow relatively modestly as lower commodity prices and heightened volatility in financial markets weigh on the incomes, wealth and confidence of canadian households. business fixed investment is still expected to grow solidly in response to very stimulative financial conditions and heightened competitive pressures, although it will be dampened by the weaker and more uncertain global economic environment. net exports are expected to remain a source of weakness, owing to sluggish foreign demand and ongoing competitiveness challenges, including the persistent strength of the canadian dollar. overall, the bank expects that growth in canada will be slow through mid - 2012 before picking up as the global economic environment improves, uncertainty dissi