. in order to ensure consistent supervisory practices and approaches, the ecb and the national authorities use a single rulebook, and a joint supervisory team, formed of staff of the ecb and the national supervisors, is established for each significant bank. the ecb directly supervises some 120 significant banks, including greece ’ s four systemic banks. this direct supervision will involve examining banks ’ lending, borrowing and investment activities and overall compliance with european and national prudential regulation. the decision by the ecb ’ s governing council on 4 february 2015 ( lifting the waiver of minimum credit rating requirements for marketable debt instruments issued or fully guaranteed by the hellenic republic ) does not create liquidity problems for the greek banking system : the banking system, now standing on sounder foundations after its recent consolidation, is well - capitalised and furthermore has access to liquidity, albeit at a much higher cost, from the bank of greece through the emergency liquidity assistance ( ela ) mechanism. this decision by the ecb ’ s governing council will soon be re - examined and should be revoked, as in similar cases in the past, so long as greece fulfils its recent agreement with its partners. positive outlook for 2015 based on the latest available data, gdp growth is projected to be positive in 2015 and to pick up in 2016. the main elements of uncertainty weighing on the prospects for economic activity in the medium term refer to our ability to fulfil the transitional agreement struck with our partners, a possible deterioration in public finances and reform fatigue. if these uncertainties can be contained, then the economy can and should continue to recover in 2015, driven by exports of goods and services and by private consumption and supported also by rising business investment. exports of goods and services are expected to remain one of the growth drivers in 2015, with the global economic environment projected to improve as growth rates pick up both in the eu and the other markets and world trade strengthens. a positive impact is also expected from the further improvement in structural competitiveness and possibly in cost competitiveness, combined with restored access to financing for greek businesses and an improving business climate. disposable income developments, the declining general level of prices and reduced uncertainty are expected to affect consumer spending positively in the course of 2015. private consumption is therefore expected to increase in the year as a whole, supported by the fall in oil prices and the ensuing strengthening of greek households ’ real disposable income. the favourable outlook for investment should be supported

and supervisors towards greening the financial system and managing climate - related risks. on the adaptation front, our contribution in the design of the national strategy on adaptation to climate change in 2015 has been of major importance in paving the way for adaptation measures. our current participation in the life - ip programme adaptivgreece, reinstates our commitment. a commitment, within the remit of our mandate and alongside central banks around the world, to act as a catalyst in the financial system, to accelerate the transition to an environment - friendly, carbonneutral economy and to enhance, through adaptation, society ’ s resilience to climate change risks. i hope we have an insightful and fruitful event. thank you. [ 1 ] adapt now : a global call for leadership on climate resilience [ 2 ] contribution by isabel schnabel, member of the executive board of the ecb, to the international monetary fund ’ s magazine finance and development, august 2021