Yannis Stournaras sent a clear message in favor of continuing and accelerating reforms in Europe while speaking at the official dinner held as part of the meeting of the Economic and Financial Affairs Committee in Athens. As he emphasized, the experience of the debt crisis has shown that the European economy can withstand severe shocks only through coordinated policies, institutional safeguards, and deeper integration.
Looking back at Greece’s trajectory, he emphasized that joining the eurozone in 1999 served as a catalyst for stability and growth, although the country did not fully capitalize on the benefits of that period, ultimately leading to the crisis and the adjustment programs. However, as he noted, the reforms implemented since then, fiscal consolidation, and the restructuring of the banking system have restored confidence and put the economy back on a path toward convergence.
The Governor of the Bank of Greece focused particularly on today’s challenges, noting that Europe must immediately proceed with critical reforms: completing the Banking Union, creating a Capital Markets Union, establishing a European safe asset, and boosting productivity.
At the same time, he highlighted the importance of leveraging the NextGenerationEU instrument as a model for joint European financing of strategic investments in sectors such as defense and energy, as well as for strengthening the international role of the euro.
“There is no viable alternative for Europe,” he concluded, stressing that the answer to today’s challenges lies in more—not less—Europe.