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Athens Macedonian News Agency: News in English, 14-12-14

Athens News Agency: News in English Directory - Previous Article - Next Article

From: The Athens News Agency at <http://www.ana.gr/>

CONTENTS

  • [01] Low possibility of systemic threat to eurozone, but vigilance needed, BoG governor Stournaras says

  • [01] Low possibility of systemic threat to eurozone, but vigilance needed, BoG governor Stournaras says

    The elimination of the fragmentation of financial markets will contribute to the easing of the tight credit standards in the member states of the periphery, allowing banks to finance investments, Bank of Greece governor Yannis Stournaras said on Sunday speaking to the international conference "2014 Multinational Finance Society Winter Conference" entitled "Global Financial and Economic Crisis: Challenges and Prospects."

    The financing of business investments is currently of utmost importance for economic development both in the euro area as a whole and in the countries of the periphery, which have been particularly affected by the deep and prolonged recession, he added.

    "Today we observe that, despite occasional turbulence in financial markets, the systemic tensions have abated. And this is due to concerted actions taken. However, this does not justify complacency. The search for higher yields in an environment of very low interest rates, the growing use of leverage in the non-bank financial sector, the persistent pressure on the profitability of banks in conditions of weak and uneven macroeconomic recovery, the recurrence of concerns about the sustainability of public debt in an environment of low growth rate of nominal GDP growth, the reluctance to implement reforms and indications that some investors may underestimate the probability of losses and volatility in the coming period, these are all issues of major concern," Stournaras underlined.

    The possibility of a systemic threat to the eurozone right now is low, but increased vigilance is needed, the Bank of Greece governor noted.

    Despite the progress achieved since the start of the financial crisis, challenges and risks still exist, Stournaras noted, citing the slow rates of the economic recovery. The GDP growth rate at a global level is expected to be relatively low in 2014 for the third consecutive year. Moreover, the recovery in the EU is weak and fragile, with low GDP growth and persistently high levels of unemployment, as European leaders pointed out in October, he noted.

    In addition, he estimated that political and geopolitical risks will continue to negatively affect the further course of recovery.

    However, he underlined the efforts made to improve the institutional framework and enhancing productivity in the eurozone have also created favorable conditions for a sustainable recovery.


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