With a phrase borrowed from Xenophon Zolotas, the Governor of the Bank of Greece, Yiannis Stournaras, emphasized how important the independence of the Bank of Greece is, speaking during the presentation of the book “Xenophon Zolotas and the economic development of Greece”.
Read: Pierrakakis on France24: Europe must create its own Silicon Valley
Stournaras: The independence of the Bank of Greece allows us to combine political accountability with disapproval of any kind of “political magic”
“The independence of the Bank of Greece, within the framework of the European System of Central Banks, allows us to combine political accountability with disapproval of any kind of ‘political magic’ that would endanger the country’s economic prosperity,” Mr. Stournaras initially stated, adding that if Xenophon Zolotas were alive today, he would be proud of this development, to which he contributed through his work. The event held yesterday on the occasion of the publication of Sotiris Rizas’ book also featured former ministers George Alogoskoufis and George Chouliarakis.
Mr. Stournaras referred to Zolotas’ personality, emphasizing that the subject never limited himself to just one role, but moved comfortably between the university, the Academy of Athens and the Bank of Greece, while at critical moments he also took on political positions. “Zolotas’ multiple roles allowed the author to use him to illuminate different aspects of the country’s history: from the Kartalis stabilization program in 1950-51 and negotiations for public debt restructuring in the early 1960s, to efforts to tame inflation after the first oil crisis and the design of Economic and Monetary Union (EMU) in the 1980s,” Mr. Stournaras emphasized.
In his speech, the emeritus professor of Economics 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, transferred to Greece and helped establish for many years ideas, policies and institutions regarding monetary stability and economic development, which dominated internationally, mainly after World War II.
The Management Advisor at the Bank of Greece and former minister George Chouliarakis stated in his speech that Sotiris Rizas’ book is not simply a biography of Zolotas, but simultaneously constitutes a study of Greek economic development, its institutional and political prerequisites, as well as the limits of the post-war development model.
