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T
he successful sovereign debt restructur-
ing, as well as the approval of the Second
Economic Adjustment Program, provide
additional time, help to strengthen the reform
momentum and should build consensus in favour
of the necessary reforms.
Since the position of Greece in the financial mar-
kets has been stabilized, an enduring fiscal stabi-
lization is necessary to safeguard the continua-
tion of international financial assistance. At the
same time, it is the real economy that needs to be
reinvigorated.
The German business community looks with
great sympathy to Greece. We know that Greece
has any chance to build up a competitive growth-
oriented economy when it focuses on its compar-
ative advantages. And we are ready to be a part-
ner in this process.
From the perspective of CCI Frankfurt, let me pick
just two fields, which have a special relevance to
the Frankfurt region. Firstly, with its shipping
industry and harbour infrastructure Greece is in
an excellent position to turn the logistics sector
into a driving force of future growth. This works
perfectly for Frankfurt. The city is one of the most
important logistical hubs in Europe, with Frankfurt
Airport as its beating heart. The logistics sector is
one of the key drivers of growth and an employ-
ment machine for the whole Frankfurt Rhine Main
region, with its population of 5.5 million.
Secondly, Greece has a very competitive phar-
maceutical industry. As it is currently focusing on
the production of generic drugs there is great
potential for development. This industry is a key
sector for Frankfurt as well. Germany –and espe-
cially the Frankfurt region– was once known as
the “pharmacy of the world”. In recent decades
global competition in this sector became more
diverse, but Frankfurt Rhine Main remained an
important cluster for the pharmaceutical industry,
competitive in global markets and providing a
large number of highly skilled jobs.
Trade with Greece
6
While crisis and recession are still characterizing the
economic situation of Greece, and will continue to do so
for a while, important steps were taken in recent months
in order to shape favourable framework conditions for
the Greek economy’s recovery.
The way forward to
economic recovery is
quite obvious
By Dr. Mathias Müller,
President of the Frankfurt am Main Chamber of Commerce & Industry