We do not have the luxury to fail

Nearly three years into the pandemic and following the humanitarian crisis and inflationary conditions triggered by the War in the Ukraine, what we can undoubtedly say is that we are in a phase of great, multiple, and complicated challenges. Our duty, as part of the banking sector and of the local economy, is to address the issues and deliver a high level of work to minimize the adverse effects and maximize the prospects that lie ahead in the road to a Green and Digital Transformation.

At this time of rising energy and food prices, society tries to adapt to the new normal and households and enterprises struggle against the escalating cost of living. The above developments create an environment of instability rendering impossible any predictions of when and how markets will be restored back to normality.

What can be said is that now is the time for action but at the highest cost. We have to approach this cost as an investment for the next generations to whom we owe a better future, in sustainable world.

In order to achieve our goals in these challenging times we need to collaborate, bring together all stakeholders and leave aside any differences. The transition will be costly and require good design and excellent implementation in order to successfully overome these disruptive circumstances.

The last one year
While the planet and the economies of it were waiting the de-escalation of the pandemic crisis, two main events appeared and shocked the already disrupted, global economy.

First, it was the trigger of the inflation in a worldwide level that showed that nothing can be estimated especially after a two-year, pandemic crisis. Some months later the War in Ukraine marked the enter into a new phase of a global, economic turbulence.

Digital and Green
Both the Green and Digital Transformations are the new, key instruments, aiming to navigate the economy and society to a more sustainable future. It is important to recognise that they are not a trend or something temporary. They are the new ways of living, doing business, providing finance, , and creating better opportunities for the next generations.

Undoubtedly, they entail high cost and a lot of effort, but carry a very clear message for every and each one of us: The time of theoretical debates and essay-writing for the above topics has passed. Now it is time for action.

The banks showed impressive stamina, strength and adaptability to a whole new world that emerged after the outset of the pandemic crisis, followed by the global inflation wave and most recently the Ukraine War.

We have the tools, we have the mandate, the policies and most importantly we -as a sector- do not have the luxury to fail. That is the way to create prospects for society, the economy, the households. For every and each one of us.

Michael Kammas
Michael Kammas
General Manager/ACB