deprivation has risen. the fact that the largest increase was recorded among children under 17 years is a serious cause for concern. at the same time, the income inequality indicators for greece, albeit unchanged, are worse than the εu - 28 averages. the targeted planning of social transfers has proven to be effective in helping to reduce poverty. actions taken in this direction include : ( a ) the implementation as from february 2017 nationwide of a social solidarity income programme ( succeeding the minimum guaranteed income scheme ) ; ( b ) measures to protect the unemployed and tackle extreme poverty ; and ( c ) an increase in the child support benefit. furthermore, the composition of unemployment and its slow decline, coupled with the high percentage of young people “ not in education, employment or training ”, highlight a need to focus on life - long learning and a better matching of skills. the active employment policies and the vocational training programmes of the greek manpower employment organisation ( oaed ) can contribute in this direction, with appropriate planning and targeting and the optimal utilisation of available, mostly eu, funds. * * * in an uncertain global environment marked by unpredictable and successive episodes of turbulence, euro area membership today provides greece with a protective shield against emerging risks. this is why greece must consolidate its position as equal partner and be part of the efforts to strengthen european cohesion. but for this to happen, greece must return to normality, by successfully completing the economic adjustment programme. greece must take ownership of the reforms, which are for its own benefit, and take immediate action to modernise and commit to the highest european standards of public administration, institutions and the rule of law, which no memorandum alone can achieve. now that we have reached the final stretch, very little remains to be done compared to the massive changes made since 2010. the process of economic adjustment has largely been completed, as suggested by the latest available economic data. with specific regard to fiscal adjustment, since 2010 about 90 % of the adjustment required by 2018 has already been completed. the greek economy has made a strenuous effort and has succeeded in eliminating 7 / 8 bis central bankers'speeches significant structural weaknesses and imbalances that had accumulated over decades, displaying remarkable resilience. its growth potential and high - quality skills pool, so far unexploited, stand ready to be mobilised under the right conditions and to launch the economy back onto a virtuous circle of growth. 8 / 8 bis central bankers'speeches

on reforms there are significant risks posed by the lack of progress towards completing the emu architecture. so far, actions have not matched the rhetoric on completing emu with the risk of missing what may be a limited window of opportunity to introduce fundamental reforms at a time of prosperity. the euro area recorded its fastest growth rate for a decade and has been expanding robustly for more than five years, but the fog of uncertainty thickens, when it comes to growth prospects in the years ahead. the jean monnet principle applies : “ europe is the sum of the solutions adopted to address the crises it is faced with ”. if the flaws in the design of the euro area are not addressed at this opportune time, given that the next crisis may be around the corner and the job of fixing the emu remains unfinished, this will come with a heavy price for the single currency. the collective memory tends to remember the costs rather than the benefits of european integration. many people, including myself, feel that we need to strike a balance in the classic struggle between solidarity and national responsibility, or the ‘ new wine in the same old bottle ’, namely risk - sharing ( namely mutualisation of costs ) versus risk reduction. especially in the south of europe, there is a strong feeling that this balance is unstable and in order to make it more stable and more symmetrical ; what we need are stronger european institutions. to quote winston churchill, a great european, “ to do our best is not enough ; sometimes we must do what is required ”. the ultimate risk is a rise in populism and anti - europeanism. there is a rising populist trend across the world, as the following figure ( figure 3 ) shows. populism is no longer a marginalised trend, but is coming increasingly into the mainstream. figure 3 the global rise of populism source : rodrik, d. ( 2018 ), populism and the economics of globalisation. we can identify two major root causes of populism in europe. first of all, it may be attributed to the failure of globalisation to reach some segments of the population, which have been left behind in terms of its economic benefits, for instance in europe through chronic unemployment. secondly, increased migration flows which triggered immigration fears and a stronger anti - euro sentiment and broader support for populist forces. in italy, the eurozone ’ s third - largest economy, two anti - establishment parties, the 5 star movement and the