to note that the oecd in its medium - term scenario has recently reached the same broad conclusion - estimating an average growth rate of about 3½ % per annum up to the end of this decade, which is some 1? % percentage point higher than the scenario presented for the euro area as a whole. of course, if the international economic environment improves, especially eu growth turns out to be much higher than 2 % greece will also reach a higher growth path. on the demand side, both private consumption and investment should continue to be strong. the continuation of the community support programmes, though on a declining trend, will help support public and private investment for quite a few more years. the on going investment in infrastructure, especially in the peripheral regions, will continue to underpin a fast rate of productivity growth, as the olympics 2004 - related investment has done for the athens area. businessmen and ordinary citizens can at last appreciate the fruits of all this endeavour and forget the discomfort caused as the various works were heading to completion, and i am sure many of our visitors today benefit from the renovated athens area. the list of projects underway or planned, eg egnatia highway, highway links with our northern neighbours and beyond, are essential and will provide the necessary complement to private investment, while business investment should also respond to the announced tax relief. despite fears to the contrary, i do not see a danger for private consumption. private indebtedness has indeed increased fast but its level is still quite low by european standards. compared to the increase in the private wealth of greek households, reflecting both the rise in asset prices and in the housing stock, the net private indebtedness has not increased much. recently, we have started seeing a gentle deceleration of credit growth, which, i believe, is a sign of responsible behavior both by borrowers and banks. despite horror stories in the newspapers, we are far from the position where indebtedness would threaten growth. as long as growth remains robust, households will see no reason to cut back their consumption habits drastically, although temporary minor adjustments cannot be ruled out. indeed, in a phase of disinflation, as the one expected over the next couple of years with the aim to narrow the inflation differential vis - a - vis the euro area, a small adjustment in consumption trends may take place. the external sector should be able to assume a more prominent role. after a couple of disappointing years, there are already some indications that

, publications, criticisms and proposals coming from a variety of sources but sharing a common element : they are relevant and potentially useful in the formulation of present - day economic policies. the basic characteristics of public knowledge is that it is a free good, available not only to governments but to the society at large. in that respect, it is an important factor shaping attitudes, ideas and conceptions that can legitimize or reject economic policies. external expertise on the other hand refers to the total of skills and technical abilities that are available on demand. the supply of outside knowledge in greece, as in other european countries, the supply of outside knowledge and expertise comes from universities, individual academics, commercial banks, think - tanks and business associations. kepe, the centre of planning and economic research, may also be included bis central bankers ’ speeches in the list, although institutionally is part of public administration. all of them publish studies on topical issues, regular reports on the state of the economy, policy recommendations, forecasts and evaluations of current policies. the bank of greece is an independent institution with specific tasks and responsibilities, which include safeguarding financial stability and implementing monetary policy. it is therefore an indispensable part of the policy making apparatus and its technical expertise on these issues should be considered as internal to the formation and implementation of economic policy. the institutional importance of the bank of greece is clearly demonstrated by the fact that all memorandi of the crisis bear two signatures : that of the minister of finance, alongside with the governor ’ s of the bank of greece. in the same context, according to its mandate, the bank of greece should assist and support general economic policy on condition that the bank ’ s primary goal of safeguarding price stability is not jeopardized. it fulfils this role, acting as an outside source of knowledge on general economic policy issues. this is done mainly through its regular and extraordinary publications and / or public interventions including : • the governor ’ s annual report on the state of the economy ; • the biannual monetary policy report, submitted to the greek parliament and the cabinet ; • testimonies by the governor before the greek parliament ; • articles, speeches, statements and interviews of the governor ; • periodical publications ; • studies on economic policy relevant issues ; • press releases, which provide information and communicate the bank ’ s position on topical issues. all these activities communicate to the public the bank ’ s stance on economic issues, which is the outcome of