His country, he says, is much more resilient today than it was ten years ago.
(Photo: mauritius images / ZUMA Press, Inc. / Alamy / Alamy Stock Photos)
Unlike many of his colleagues on the Governing Council of the European Central Bank, Greek Central Bank President Yannis Stournaras expects inflation to calm down quickly. He therefore advocates that the European Central Bank take greater account of the risk of an economic crisis in its monetary policy.
Despite the rise in interest rates, the former economics minister does not expect a new debt crisis for his country. In an interview with the Handelsblatt, however, he urges prudence in fiscal policy and further structural reforms.
Read the entire interview here
Mr. Stournaras, inflation is more persistent than most economists expected. Does that surprise you?
Inflation figures have repeatedly surprised central bankers negatively. No one could have predicted the unfortunate combination of supply-side shocks that hit the economy in successive waves: the pandemic, the war in Ukraine, and the rise in fuel and commodity prices. But despite the ongoing geopolitical uncertainty, I expect inflationary pressures to ease in the coming months.
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