Caution in three areas should be demonstrated by Greek economy In order to maintain her good career, according to an interview by the Bank of Greece Governor, Giannis Stournarain the context of the OT Forum.
Mr Stournaras has made a top priority for the Greek economy to maintain fiscal stability, as, as he pointed out, yes, Greece has managed to significantly reduce its public debt, but remains the highest in the eurozone, applauding the government’s move to a part of the government. He stressed that the “recipe” for our country requires a consistently achieved high primary surpluses, close to 2%, and now, under budgetary rules, the expenditure rule should be respected.
The second factor mentioned by the Governor of the Bank of Greece is financial stability. He emphasized that we should preserve the culture of payment and banks as a pupil. He stressed that the systematic effort of the BoG has enhanced the improvement of competition in the banking space, shaping an ecosystem of small banks. The Greek banking system, he stressed, is looking for new outlets in new markets, in Cyprus, in the Balkans and more.
The third parameter set by the central banker is the acceleration of reforms. He explained that bureaucracy or state of justice are obstacles to attracting investment. In addition, the narrowness in the labor market should be tackled due to an imbalance in skill offering, as well as investment in innovation.
As the big “thorn” explained, it is the large current transaction deficit, which is partially explained by the fact that we grow faster than the rest of the eurozone, so we import a lot.
The production of more marketable products and services should be enhanced, as we have high consumption but the solution is to increase production rather than a decrease in consumption.