“Greece’s return to investment grade, in the past year, marks a return to normality and it is the beginning of a new effort to to increase the welfare of the Greek people” underlined, among others, the governor of the Bank of Greece Giannis Stournaras speaking to Bank staff during the cutting of the New Year’s pie.

He pointed out that “the sacrifices of our fellow citizens during the difficult years of the crisis, together with the unprecedented, in historical times, support of our European partners, as well as the reforms and responsible policies of the governments, they took place”.

For 2024, Mr. Stournaras stated that it will be a year of hopes but also challenges, such as for example those that entail the climate crisis and geopolitical uncertainty. But all the big challenges, as he characteristically mentioned, require more Europe, not less. “There will be no definitive response to the new major challenges without greater and broader fiscal consolidation, completion of the banking union and the creation of a true capital markets union,” he noted.

This year also marks 25 years since the adoption of the euro (1/1/1999), while a year and a half after June 2000, Greece’s accession to the Eurozone was also decided. Our country even managed to cover the lost ground in the preparatory actions for the new currency and so in January 2002 euro banknotes and coins were put into circulation in Greece at the same time as the other member states of the euro zone.

He himself, as he recalled, participated in the negotiations of the Simitis government for the participation of Greece in the EMU from the position of the president of the Council of Economic Experts of the Ministry of National Economy and Finance and also as a member of the Monetary Committee of the European Communities in the period 1994-2000. He characterized Greece’s accession to the Euro zone in 2001the greatest achievement in the modern economic history of the country, as it sealed its European orientation and placed it at the center of European developments.

Accordingly, both from the position of Minister of Finance in the period 2012-2014, as well as from the position of Governor of the Bank of Greece and member of the Board of the ECB immediately after, he was at the center of the management of the biggest financial crisis that the euro faced, of a crisis that, especially for Greece, came to threaten at some point and its very participation in the European Union.

In detail, the speech of the commander of the TtE

“Colleagues,

This year is an important year for us at the Bank of Greece and the other central banks of the Eurozone, which together with the European Central Bank make up the Eurosystem. Twenty-five years ago, on 1 January 1999, 11 EU member states joined the Economic and Monetary Union and adopted the euro as their common currency. A year and a half later, in June 2000, the accession of Greece to the Eurozone was decided, disproving those who believed that it would not be able to satisfy the 5 convergence criteria and join the EMU. Our country even managed to cover the lost ground in the preparatory actions for the new currency and so in January 2002 euro banknotes and coins were put into circulation in Greece at the same time as the other member states of the euro zone.

For all of us who work at the Bank of Greece, the word “Eurosystem” on the Bank of Greece’s emblem is now an integral part of our identity, an identity we share with thousands of our colleagues from the ECB and the Eurozone central banks. We are not just the Eurosystem’s human resources. Together we are the custodians of the common currency, the euro, and we work together for the common good of the peoples of the euro area, so that 350 million European citizens can ultimately enjoy higher prosperity, together with the euro. Towards our fellow citizens we have assumed the responsibility to be vigilant about monetary and financial stability. We act on a set of high values. Reliability, stability, trust, transparency and accountability. We must fulfill our mission with independence, full commitment to institutional legitimacy and team spirit.

Allow me to address the above recommendations especially to the new colleagues. After all, as the elders used to say, the elders must pass on the tradition of virtue and duty to the younger ones, and we all promise that this tradition will continue. After the efforts we made in recent years at the Bank of Greece to strengthen the executive potential following the departure of many colleagues due to retirement, the new employees are now an important and dynamic part of the Bank’s family. Only in the last year the number of newly hired colleagues approached 10% of all employees at the Bank. We must all bear in mind that the Bank of Greece is not only an employer of first choice, as relevant surveys once again demonstrate, but at the same time an organization of high standards.

But I would like at this point to share with you my personal feelings about today’s anniversary, as my life both on a professional and a personal, dare I say, level, was inextricably linked, initially with the birth, but also perhaps the most difficult moment in the continuation of the most ambitious European project since the creation of the European Union, the Euro.

I had the opportunity to participate in the negotiations for the participation of Greece in the EMU from the position of the President of the Council of Economic Experts of the Ministry of National Economy and Finance and also as a member of the Monetary Committee of the European Communities in the period 1994-2000. As I have said before, Greece’s accession to the Eurozone in 2001 is, in my opinion, the greatest achievement in the modern economic history of the country as it sealed its European orientation and placed it at the center of European developments.

Accordingly, both from the position of Minister of Finance in the period 2012-2014, and from the position of Governor of the Bank of Greece and member of the Board of the ECB immediately after, I found myself at the center of the management of the biggest financial crisis that the Euro faced, of a crisis that, especially for our country, came to threaten at some point its very participation in the European Union.

I see with great satisfaction that the sacrifices of our fellow citizens during the difficult years of the crisis, together with the unprecedented, in historical times, support of our European partners, as well as the reforms and responsible policies of the governments, took place. The return of Greece to the investment grade, last year, marks the return to normality and is the beginning of a new effort to increase the well-being of the Greek people.

2024 will be a year of hope but also of challenges, such as those entailed by the climate crisis and geopolitical uncertainty. But all the big challenges I can imagine require more Europe, not less. There will be no definitive answer to the new major challenges without greater and broader fiscal consolidation, completion of the banking union and the creation of a true capital markets union.

My satisfaction this year is even greater, as I am addressing you after the highly successful organization of the ECB Governing Council Meeting at the Bank of Greece last October. In my speech last year on the occasion of the new year, I expressed my certainty that all of us would do our best to have a successful organizational meeting and a level of hospitality for our colleagues, worthy of the reputation of Greek hospitality. Indeed, during the past year the Deputy Governors, executives and staff of the Bank worked systematically and methodically for the preparation of the event.

I will not repeat my self-evident thanks to all of you. I will suffice to convey the view of my colleagues on the ECB’s Governing Board, who stated that the Athens meeting was not only the most successful holding of a Governing Board meeting in the history of the ECB, but now also serves as a reference point for similar events in the future. This fact demonstrates once again that if we work with determination, coordination, continuity, consistency and perseverance, we can cope with even the biggest challenges. But it also confirms the respect and trust we enjoy among our colleagues in the Eurosystem, through our active participation in its Committees and decision-making bodies.

I thank you again for your hard work, your dedication and the consistency with which you performed your duties in 2023, and I invite you to continue working with the same zeal in the new year.

I wish everyone a happy birthday, health and a happy and creative 2024!”
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