[InTime News]
The outlook for the Greek economy remains positive despite strong shocks and heightened uncertainty, according to Bank of Greece Governor Yannis Stournaras, who spoke at the official dinner held οn Monday at the Economic and Financial Committee of the European Union in Athens.
At the same time, he sent a clear message about the need to continue reforms. As Stournaras noted, there should be no backtracking on reforms that proved effective during previous periods of turbulence.
The supervisory and regulatory framework has significantly strengthened the resilience of the financial system and should not be undermined – though it must be applied with sufficient flexibility to improve supervisory effectiveness, he said.
Stournaras also stressed the need to accelerate key European initiatives that have so far progressed slowly – particularly the completion of the Banking Union and the establishment of a European Deposit Insurance Scheme.
At the same time, he highlighted the importance of moving forward rapidly with the Savings and Investments Union to deepen financial integration, support cross-border banking, investment, and insurance services, and ultimately enhance the competitiveness of Europe’s financial institutions.
Finally, Stournaras reminded those attending that he had previously served as a regular member of the predecessor to the committee, the Monetary Committee of the European Union, representing the Greek Ministry of Economy and Finance from 1994 to 2000.