Bank of Greece governor Yannis Stournaras said that a first review of the Greek economic program, which already has been delayed, must be completed rapidly, otherwise there will be catastrophic consequences for Greece’s economy.

Mr. Stournaras presented the bank’s interim report on Monetary Policy for 2015 to the Parliament’s Economic Affairs Commission on Wednesday and noted that a swift completion of the review will contribute to improve a climate of confidence, resulting to a gradual return of deposits, cheaper funding of financial institutions and accelerating procedures for loosening capital controls in the country.

Mr. Stournaras noted that due to the refugee issue Greece risks exiting the Schengen area.

“We cannot rule out restrictions on the movement of people and goods,” he said pointing out that if this happens, there will be a great damage to Greek economy.

Bank of Greece governor also stressed that the three major risks in the near future are: delay in the completion of the review, lack of social consensus and delay in implementing the agreed reforms. Therefore, he stressed the need for political stability and social consensus.