Stournaras The independence of the BoE allows us to serve the long-term goals of economic growth

In a phrase borrowed from Xenophon Zolotas, Bank of Greece Governor Yannis Stournaras stressed the importance of the Bank of Greece’s independence, speaking today at the launch of the book “Xenophon Zolotas and the economic development of Greece”.

“The independence of the Bank of Greece, within the framework of the European System of Central Banks, allows us to combine political accountability with the disapproval of any kind of ‘political magic’ that would endanger the economic prosperity of the country,” Stournaras said, adding that if Xenophon Zolotas were alive today, he would be proud of this development, to which he contributed with his work.

The event, held yesterday on the occasion of the publication of Sotiris Riza’s book, was also attended by former Ministers George Alogoskoufis and George Houliarakis.

The Governor of the Bank of Greece referred to the personality of Zolotas, stressing that the biographer never limited himself to a single role, but moved comfortably between the university, the Academy of Athens and the Bank of Greece, while at crucial moments he also took on political positions. “Zolotas’ multiple qualities allowed the author to use him to shed light on different aspects of the country’s history: from the Kartalis stabilisation programme in 1950-51 and the negotiations on the regulation of the public debt in the early 1960s, to the efforts to tame inflation after the first oil crisis and the design of the Economic and Monetary Union (EMU) in the 1980s,” he said.

In his speech, Professor Emeritus of Economic Science at the Athens University of Economics and Business and former minister George Alogoskoufis pointed out that Xenophon Zolotas, as a mature economist open to new ideas, brought to Greece, and helped to consolidate for many years, ideas, policies and institutions regarding monetary stability and economic growth, which dominated internationally, especially after World War II.

In his speech, George Houliarakis, Management Advisor at the Bank of Greece and former Minister, said that Sotiris Riza’s book is not only a biography of Zolotas, but also a study of Greek economic development, its institutional and political preconditions, but also the limits of the post-war development model.