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     However, George Zanias did not omit to mention the failures of the country in reforms, the most significant being the tax reform that has been delayed for 36 months now. "If the tax reform was effective we would have reduced tax rates as well. However, we can immediately reduce insurance contributions and this will have a positive impact on the competitiveness of firms and the rebalancing of the Greek economy," said the president of the National Bank of Greece. In his opinion, privatization could attract the attention of investors, but the business climate in Greece must be improved before that. "The Greek economy is now over-regulated; it is the most regulated economy in the European Union. If this changes the prices of goods and services will fall," concluded George Zanias.
     Eurobank’s chief economist Gikas Hardouvelis spoke about the European frameworks of the economic crisis. "For many years, we as economists have been stating that open borders are not enough to have a single currency. Today, European leaders understand the need for common rules for all countries too. Unfortunately, markets look five, ten years ahead, while politicians look three months ahead. The crisis is a matter of cohesion as well – very different economies should be aligned and synchronized. As the economy of the United States, which is entirely based on the market," he said.