The governor of the Bank of Greece, Yannis Stournaras, reiterated a proposal for the euro to become a reserve currency in international transactions, in an interview published in the German newspaper Handelsblatt on Wednesday.
Stournaras argued that for the euro to become a reserve currency, a “stronger, more integrated and growth-oriented economy in the euro area” is needed.
This is especially true considering that Europe, as an economy with a high degree of openness, is particularly vulnerable to the deterioration of global economic conditions.
However, the recent initiatives in EU economic policy indicate that the Union is becoming strategically resilient, the Greek central banker noted.
Referring to the Greek economy, Stournaras emphasized that Greece is adequately prepared for future challenges.
Since the public debt crisis of the 2010s, the country has achieved a comprehensive restructuring of its economy, reduced bureaucracy, advanced the digital transformation and made significant investments in infrastructure.
The EU has also drawn important lessons from that crisis, he said.
“These include the need for timely intervention, a common approach during times of crisis and the avoidance of austerity measures that produce results contrary to the desired ones.”