whether changes in wages then feed through into price changes, the institutional framework of wage bargaining along with the degree of competition in the sector in which they operated. the current wave is focusing on the labor market reforms that have occurred in a number of countries during the crisis in an attempt to determine whether reforms are associated with a change in wage - setting behavior. it can thus help us understand to what extent the crisis has affected microeconomic behavior, in particular by inducing greater price and wage flexibility, and to what extent such changes impact on the transmission mechanism. as a final example of the growing importance of micro - data, let me remind you of the governing council ’ s decision a few weeks ago to proceed with the collection of granular, loan - by - loan, credit data, the already famous anacredit project. this project, complementing the existing securities holding statistics ( shs ) database, will allow us to have a quite detailed view of the corporate sector ’ s liabilities and the way they are managed. this will allow a much more granular analysis of the impact of monetary policies and relate firms ’ behavior to a host of microeconomic and financial variables, such as size, credit worthiness, sector of the economy and so on. we hope to be able to have a more complete and nuanced answer to questions that perplex us, such as what is holding back investment at the zero bound, and what is needed to kick start the investments. having spent all this time presenting the potential benefits of micro data for monetary policy making, i feel an obligation to warn that it will not be plain sailing ahead. we have to work hard to resolve many issues that will unavoidably arise. first of all, we should deal with concerns that we are creating “ big brother ”. granular data, almost by definition, cause concerns about safeguarding personal information. most granular data of interest to central banks are about corporate entities. they do not contain sensitive personal information, but often they contain important market - sensitive information. even so, improper use may be detrimental to some, or they may be used as a coordinating device in an oligopolistic setting. to some, such concerns may look like a nuisance that should not become an obstacle on the road to a bright new future of “ big data ”. this would be a mistake. it will only raise suspicions and lead to a worsening of the quality of the data. central banks should be in the forefront of developing

or even retreated. in particular, the world bank doing business report for 2015 ranked greece 60th among 189 countries ( a fall by two places ) while according to the imd world competitiveness yearbook 2016, greece fell by six places and is ranked 56th among 61 countries. more recently, the world economic forum ’ s global competitiveness report 2016 – 2017 ranked greece 86th among 138 nations, which corresponds to a fall by 5 places. but it should be noted that greece has achieved high rates of responsiveness to oecd recommendations consistently since 2011 ( oecd, going for growth 2013 & going for growth 2015 ). 5 / 9 bis central bankers'speeches b. monetary and banking developments on the other hand, hicp harmonised inflation was marginally negative in september ( - 0. 1 % ), having remained negative for the previous fourteen consecutive quarters, despite some marginally positive monthly spikes ( in july and august ) as a result of vat increases in a wide range of products and services ( figure 7 ). the convergence of hicp between greece and the euro area is mostly attributed to the higher indirect taxes imposed on the greek economy. 6 / 9 bis central bankers'speeches furthermore, according to greek banks ’ latest financial results for the first half of 2016, their capital adequacy was preserved at 18 %, comfortably above the eu average. at the end of june 2016, non - performing exposures ( npes ) remained relatively flat around 45. 1 %, about eight times the european average which is around 5. 7 %, while in absolute terms the total amount of npes reached €108 billion, an 9 % increase compared with the end of 2014. by sector, the highest ratios of non - performing exposures were recorded in the sectors of 7 / 9 bis central bankers'speeches agriculture ( 59 % ), commercial properties ( 55 % ) and tourism ( 54 % ). among the four main loan segments, the respective ratios for consumer, large business, smes and mortgage loans reached 55. 3 %, 29. 1 %, 59. 9 % and 44. 7 %, respectively ( figure 8 ). loans in delay of more than 90 days accounted for 30 % of npls, while this evidence is an early warning signal for credit risk developments in the banking system. despite the size of the problem, the capital base of the banking system – as mentioned above – remains strong, while in terms of provision coverage greek banks are well placed compared to