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"The IMF, especially Paul Thomsen, is responsible for the excess of austerity in the first two programs, before it becomes" more realistic "in tax matters, said Giannis Stournaras, governor. Bank of Greece, ELIAMEP.
Mr Stournaras, however, stressed, inter alia, that "Greece has successfully completed adjustment programs with a positive past in terms of adopting reforms". Mr Stournaras stressed the need for further reforms until the Greek economy becomes dynamic and competitive.
Speaking at an ELIAMEP event, the central banker pointed out that Greece had completed its economic support and adjustment programs with a favorable legacy of the reforms implemented.
"Although many things have changed, many reforms need to be strengthened, given the initial bad conditions.
In other words, the performance was impressive, but given the low initial level of structural competitiveness, Greece is still lagging behind its rivals, "said the governor of the bank.
According to Stournaras, according to the OECD, ongoing reforms, as well as program projections, should lead to a cumulative increase in real GDP of about 13% over a decade.
However, the cost-benefit badysis of reform measures has a fundamental discontinuity over time: costs are direct, while benefits only materialize in the long run.
As a result, the time frame in which reforms yield measurable results generally exceeds the government's time horizon. It is a major deterrent to international reform and has played an important role in Greece in recent years. This also explains why some reforms, although legislated, have not been fully implemented. In addition, the costs are inexpensive, but many benefits are gained.
Mr. Sournaras reiterated that the reform process should be pursued until the ultimate goal of a competitive, dynamic and sustainable economy is maintained.
"Now, politicians and citizens understand, after the implementation of three support programs, that the Greek economy can not return to the previous status quo.I hope this will be enough to provide support solid reform among politicians and citizens. "
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