Speech by Giannis Stournaras at the Gala Dinner of the Informal Meeting of the EU Economic and Financial Committee in Athens.
The outlook for the Greek economy remains positive despite strong shocks and heightened uncertainty, the governor of Bank of Greece, speaking yesterday at the Gala Dinner of the Informal Meeting of the EU’s Economic and Financial Committee in Athens.
At the same time, he sent a message for continued reforms. As he said , we must not backtrack on reforms that proved effective during previous periods of turmoil.
Our supervisory and regulatory framework has greatly enhanced the resilience of our financial system and should not be undermined – but it should be implemented with sufficient flexibility to increase supervisory effectiveness. “At the same time, we need to accelerate initiatives that we have so far been reluctant to fully implement – notably the completion of the Banking Union and the establishment of a European Deposit Insurance System. At the same time, we need to move forward rapidly on the Savings and Investment Union in order to promote deeper integration of financial services, support cross-border banking, investment and insurance services and, ultimately, to strengthen the competitiveness of Europe’s financial institutions,” he said.
Finally, Stournaras reminded his fellow delegates that he has served as a regular member of its predecessor, the European Union’s Monetary Committee, representing the Ministry of Economy and Finance from 1994 to 2000.
