complex decisions, particularly when resolving the large stock of nonperforming loans. thus, bank boards have to have strong and independent directors with a robust track record who can ensure arm ’ s length decisions in the best interests of their stakeholders and of the greek economy. bank management needs to be free of political interference and vested interests. with this aim in mind, we encourage the hellenic financial stability fund to make every reasonable effort to finalise the review and reconstitution process within the next few weeks. on financial sector policy, there are other important elements of the ongoing second review which seek to further reduce structural impediments to swift and effective npl resolution. let me highlight the reform of the out - of - court workout framework, with its main goal being to provide sufficient incentives for creditors and debtors to agree on mutually beneficial debt restructuring arrangements. the framework is intended for viable but distressed firms whose profitability has been severely hit by the prolonged economic crisis. to be effective, it needs to take into account the fact that greek firms have both significant non - performing loans vis - a - vis banks and significant arrears to the state. let me add that as of end - 2015 total arrears to the state in respect of taxes and social security contributions were around €110 billion, of which about €79 billion was due from corporations, small and medium - sized enterprises as well as professionals – the categories eligible for out - of - court frameworks. the stock of non - performing exposures in greek banks relative to these same categories amounted to another €55 billion. 2 / 4 bis central bankers'speeches apart from developing effective out - of - court frameworks, the greek authorities also need to fully implement the agreed measures to strengthen the judicial system, thereby substantially shortening legal proceedings and enhancing the competence of the courts. these requirements are not specific to greece ; experience has shown that npl resolution requires strong legal frameworks throughout the euro area. in any case, creditors in greece have to wait longer to obtain a court ruling after an insolvency than in any other eu country except the slovak republic. it takes on average about three and a half years, compared with less than six months in ireland, the eu ’ s best performer. swift progress on npl resolution will also help banks to support the economic recovery through credit provision, eventually ending the prolonged period of negative credit growth. so far, credit developments remain subdued, with credit from monetary financial institutions

jean - claude trichet : state celebrations for the introduction of the euro in slovakia statement by mr jean - claude trichet, president of the european central bank, at the state celebrations for the introduction of the euro in slovakia, bratislava, 8 january 2009. * * * dear president, prime ministers, excellencies, dear governors, ladies and gentlemen, the introduction of a new currency is an historic moment for a country, and the introduction of the euro in a member state through the treaty - based convergence process is an historic moment for europe. robert schuman stated in his founding declaration that europe will be made through concrete achievements which create tangible solidarity among its people. european monetary union is a concrete achievement, and the euro is a tangible sign of solidarity among its people. the euro is also a tangible sign of increasing economic integration in europe, which is to the benefit of stability and prosperity for its citizens. today, with slovakia ’ s adoption of the euro, we therefore have every reason to celebrate. slovakia ’ s economic achievements on the way towards euro adoption slovakia has made remarkable progress in both nominal and real convergence. this has been reflected in a decline in inflation and a significant economic growth record. slovakia ’ s performance is based on the firm foundations of a bold economic reform programme implemented earlier this decade. cooperation between the ecb and narodna banka slovenska on the side of central banks, this historic moment has been prepared through a very close cooperation over the last couple of years between the european central bank and narodna banka slovenska under the leadership of governor sramko. this cooperation has laid the groundwork for the smooth and successful introduction of the euro in slovakia. the sustainability of convergence the introduction of the euro in slovakia will further enhance the benefits of the single market. the euro removes exchange rate uncertainty between slovakia and many of its most important trading partners, integrates the country into one of the world ’ s largest economies and helps to shield it from some of the effects of the international financial turbulence. it is also important to stress that the introduction of the euro must not give rise to complacency. in order to ensure that convergence is sustainable and that the slovak people can reap the full benefits of euro adoption, the slovak public authorities will need to pursue ambitious economic policies on all fronts. a rigorous and credible implementation of fiscal policy in line with the commitments of the stability and growth pact is particularly important. other policy measures would need to focus on slovakia