Stournaras: economy on positive course

Bank of Greece governor Yannis Stournaras said the economy is on the right course, but warned there are still challenges ahead. 

Greece’s central banker says the European Union also faces similar challenges and, taking a decidedly federalist position, warned that it must seek complete unification or risk becoming irrelevant.

“I would like to express an optimistic though: the Greek economy is now on a positive, if difficult course. Despite facing many important challenges, it seems it has the momentum to overcome the obstacles,” Stournaras told the Greek-German Chamber Thursday.

“My estimate aboute European integration is similar. Here, too, the road will be wrong but not impassable. The greatest danger we face in the eurozone is to implement very few reforms, belatedly. We must act promptly, that is, before a new big crisis erupts…These changes will make our economies more resilient, will provide the euro with greater legitimacy as a global reserve currency and will set the foundations for a sustainable and lasting prosperity for all Eurozone citizens,” Stournaras said.

“The road toward complete European unification is still long and fraught with difficulties. But, anything less will lead to Europe’s gradual marginalization and loss of prosperity for its citizens,” Stournaras warned.