The Governor of the Bank of Greece, Yannis Stournaras, attended the annual away session of the European Central Bank‘s Ethics and Compliance Committee, held in Athens. In his welcoming address, he emphasized the importance of ethics, integrity, and transparency in the operation of the Eurosystem, as well as the need for European central banks to adapt to new technological developments without compromising their fundamental principles and independence.
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Stournaras placed particular emphasis on the importance of continuously monitoring the practices and ethical standards that govern the operation of central banks. He drew a compelling parallel between the role of the Committee and that of Socrates’ gadfly — the figure described in the Apology who persistently stung the Athenians into re-examining their beliefs and behavior. He further noted that the Committee functions as a permanent mechanism of vigilance, ensuring that ethical standards remain robust, up to date, and capable of meeting today’s challenges.
The Bank of Greece Governor described ethics and compliance as matters of the utmost importance — not only for the Eurosystem, but for the European Union as a whole, particularly in the current climate.
Modern challenges
The agenda of the session was notably forward-looking. Beyond issues of integrity and transparency, it addressed a range of contemporary challenges that are at the forefront of international debate, including artificial intelligence, personal data protection, and cryptocurrencies.
Stournaras confirmed that these issues rank high on the agenda of both the Bank of Greece and other European central banks, all of which are called upon to keep pace with technological change while simultaneously preserving their independence and their commitment to core guiding principles.
In closing, he also referenced the upcoming centenary of the Bank of Greece’s founding, noting that the anniversary events will serve as an opportunity to highlight not only the institution’s historical journey and achievements, but also the values it stands for — including democracy, participation, and collective responsibility.
