The governor of the Bank of Greece <\/b>expressed optimism that the war in Iran<\/b> will end soon and there will be no risk of a recession.<\/p>\n
The environment of heightened geopolitical uncertainty and energy pressures was referred to by Bank of Greece governor Giannis Stournaras<\/strong>, during a discussion at the 11th Delphi Economic Forum<\/a> being held in Delphi.<\/p>\n Yannis Stournaras stressed that<\/b> international markets<\/b> appear “resilient and optimistic”, estimating that the key scenario remains a relatively short de-escalation of the conflict in the Middle East. “I belong to the optimists that the war will end soon,<\/em> he noted, noting that “it was not a war of necessity, but of decision.”<\/em> <\/p>\n However, he warned that uncertainty<\/b> remains high and made clear that monetary policy will adjust accordingly. “If necessary, we will do what is necessary,<\/em> he said, stressing that central banks now have more experience than in previous crises.<\/p>\n Referring to developments in the energy market<\/b> and in particular the possibility of an escalation of tensions in the Hormuz Strait<\/strong>, he noted that an agreement could lead to a rapid improvement of the situation, while recalling that Europe has already gained considerable experience.<\/p>\n He placed particular emphasis on the independence of theEuropean Central Bank<\/strong>, which he called “the greatest achievement” of the European economic architecture. “No one in Europe could or would dare to reduce the independence of the ECB,<\/em> he said, adding that the role of central banks is not to maximise profits but to ensure stability for the benefit of society as a whole.<\/p>\n As he explained, the key challenge for monetary policy remains the return of inflation to the target without the risk of a recession<\/strong><\/em>, noting that decisions require delicate balances, especially in an environment of exogenous shocks.<\/p>\n At the European level,<\/b> Yannis Stournaras stressed the need to further deepen integration. “We need more Europe, not less,<\/em> he said, stressing the need for a union of capital markets and closer cooperation between member states. He noted that there is now convergence, with the European south growing faster than the north.<\/p>\n For Greece<\/b>, he said the economy<\/b> has come a considerable distance since the crisis period. “Let’s not forget where Greece was 15 years ago,<\/b><\/em> he said, noting the improvement in investment<\/b> and the overall picture of the economy. <\/p>\n Asked about the OPEKEPE<\/strong> case, he said that “we have to wait,” stressing that the institutions are working and that the case was revealed by the Greek government itself.<\/p>\n Finally, he stood on the importance of the digital transition, noting that the digital euro is a crucial step so that “Europe is not left behind in the field of<\/b> digital money.”<\/b><\/em><\/p>\n The debate was moderated by Christian Schubert<\/strong>, Economic and Business Correspondent of the Frankfurter Allgemeine Zeitung (FAZ) in Italy.<\/p>\n","protected":false},"excerpt":{"rendered":" The governor of the Bank of Greece expressed optimism that the war in Iran will end soon and that there will be no danger …<\/p>\n","protected":false},"author":1,"featured_media":2022,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[7],"tags":[],"class_list":["post-2021","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economy"],"acf":[],"_links":{"self":[{"href":"https:\/\/en.tomanifesto.gr\/index.php?rest_route=\/wp\/v2\/posts\/2021","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/en.tomanifesto.gr\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/en.tomanifesto.gr\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/en.tomanifesto.gr\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/en.tomanifesto.gr\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=2021"}],"version-history":[{"count":0,"href":"https:\/\/en.tomanifesto.gr\/index.php?rest_route=\/wp\/v2\/posts\/2021\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/en.tomanifesto.gr\/index.php?rest_route=\/wp\/v2\/media\/2022"}],"wp:attachment":[{"href":"https:\/\/en.tomanifesto.gr\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=2021"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/en.tomanifesto.gr\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=2021"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/en.tomanifesto.gr\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=2021"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}