collective work carried out by all departments, particularly the economic analysis and research department, and endorsed by the bank ’ s decision - making bodies. in the years of the crisis the bank of greece saw a need to enhance its public discourse and increase the frequency of interventions, with a view to : – warn about major risks which although clearly looming, had not been realized by the general public and were ignored by the governments. – raise awareness of the complexity of the situation and the need to change the course of the economy, thus contributing to the formulation of policies for a more effective management of the crisis. the bank of greece ’ s public discourse has been enriched with new elements since the bank has sought to strengthen its role as an advisor to society, communicating directly with the public, which in that period was inundated with conflicting and inaccurate information and signals that often resulted in confusion and higher uncertainty. through its statements and its participation in the public debate, the bank of greece has aimed to present the true facts in a comprehensible manner, dispel misconceptions and misunderstandings and provide all citizens with reliable and timely information on the available options and implications thereof. it should be noted that most central banks undertook similar changes regarding their communication policies, which – in response to the conditions of the crisis – have shifted away from the traditional communication model whereby their discourse was addressed to a close circle of experts and was often cryptic. to sum up, i am convinced that greece has an abundant supply of public knowledge that can benefit our country. non - domestic knowledge should also be added, as it is bis central bankers ’ speeches communicated to the public by numerous reports, studies, analyses, proposals and forecasts for greece published by international organisations, think - tanks and research bodies. thus, one can safely assume that greek governments have at their disposal a bulk of knowledge that can be evaluated and used – if it is considered to be helpful – in the formulation of economic policies. the demand side let me now discuss the demand side, i. e. governments ’ willingness to recognize the usefulness of outside knowledge, particularly public knowledge as i have described it. experience shows that governments are reluctant in general, with perhaps one exception, the simitis government, who i am happy to see here tonight, to exploit public knowledge, even if the proposals and recommendations are potentially relevant and useful. a revealing example is the prolegomena of the present crisis : many years before 2008, many independent observers, among them

- sustainable - finance - report _ en. pdf 8 see “ battle for sustainability will be won or lost in cities, deputy secretary - general tells high - level general assembly meeting on new urban www. un. org / press / en / 2017 / dsgsm1080. doc. htm agenda, un - habitat ”, available at : 9 interview of yannis stournaras, governor of the bank of greece, with christos chomenidis for the newspaper ta nea, 17 / 03 / 2018, available at : www. bankofgreece. gr / pages / el / bank / news / speeches / dispitem. aspx? item _ id = 513 & list _ id = b2e9402e - db05 – 4166 – 9f09 - e1b26a1c6f1b ( in greek ) 10 world economic forum, the global risks report 2018, 13th edition, available at : wef. ch / risks2018 11 these risks are : ( 1 ) extreme weather events ; ( 2 ) major natural disasters ; and ( 3 ) failure to mitigate and adapt to climate change ( 3 ). 12 gdp contraction relative to base year gdp at constant 2008 prices. 13 ccisc ( 2011 ), the environmental, economic and social impacts of climate change in greece, bank of greece, pp. 453 – 457, available at : www. bankofgreece. gr / bogekdoseis / climatechange _ fullreport _ bm. pdf 14 τhe vulnerability analysis is included in ccisc ( 2015 ), national climate change adaptation strategy ( nccas ), pp. 7 - 13, available at : www. bankofgreece. gr / bogdocumenten / national _ adaptation _ strategy _ excerpts. pdf 4 / 4 bis central bankers'speeches