The Governor of the Bank of Greece Yannis Stournaras took aim at US President Donald Trump – who is pressuring the Federal Reserve (Fed) to lower interest rates. Speaking at the Les Rencontres Économiques d’ Aix-en-Provence 2025, Mr. Stournaras stated that “with increasing political pressures in certain countries to reduce interest rates, coordination between policies (fiscal – monetary) without subordinating one policy to another is of paramount importance. It is extremely important to preserve the independence of central banks and ensure that policymakers are able to fulfill their primary mandate concerning price stability.”
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Subsequently, when asked whether the mission of central banks should be revised, Mr. Stournaras argued that “the mission of central banks is not set in stone. It continuously evolves to respond to significant challenges and changes occurring in the economic landscape. However, at its core must remain the unwavering, credible and clear commitment to price stability. This is the best way we can contribute to economic growth, job creation and citizens’ prosperity.”
Yannis Stournaras: Europe must rise to the occasion
Regarding the ECB’s monetary policy, Mr. Stournaras emphasized that it alone cannot achieve Europe’s transformation. For this reason, among other things, a complete “Savings and Investment Union is required, which will contribute to more efficient channeling of savings through our financial system into productive investments, particularly in critical sectors such as energy, defense and innovation, which constitute urgent priorities for our Union.”
“Europe must rise to the occasion. The ECB is already preparing the digital euro, a project that can enhance the international role of our currency in the digital age. This initiative can increase efficiency, innovation and resilience, while protecting our monetary sovereignty,” he noted characteristically.
