Bank of Greece (BoG) Gov. Yannis Stournaras referred to two “parameters” as deciding Thursday’s decision by the European Central Bank’s (ECB) governing council to raise interest rates by 50 basis points, namely, inflation and the latest interventions by the Swiss federal government and US administration to minimize the threat of transmitting specific banks’ ills to the wider banking sector.
Stournaras, a member of the ECB’s governing council and a purported “dove” among the Euro-zone central bankers, said that although the inflation rate in the common euro area is easing, it remains high and significantly above the goal of 2 percent annually.
He said monetary police must remain devoted to the goal of containing inflation at low levels, while adding “we’re in a very uncertain world due to the war in Ukraine.”
Stournaras, an influential figure in Greece and a former finance minister, said the unrest in the US and Swiss banking sectors over the past week mean that monetary policy from now on must proceed with careful steps, “without beforehand commitments for interest rate hikes, but with decisions that will be taken in meetings by the governing council on the basis of data presented at the time.”
Latest News
Greek Retailers Remain Optimistic About Easter Shoppers’ Turnout
While stores are expected to be open on Sunday, April 28, the majority of Easter shoppers will likely do their shopping during the Holy Week, following the deposit of Easter bonuses
Europeche: Greek Apricot Production Recovers
Europeche forecasts the production will bounce back despite a slight decrease in varieties attributed to high winter temperatures
Bank of Greece (BoG): Business-Household Deposits Up 1,675bln in March 2024
In March 2024, the monthly net flow of credit to the general government was negative by 469 million euros
FT: Greece’s Economic Rebound a Balance of Growth and Poverty
Eurostat data revealed a significant 10.8% drop in Greek public debt relative to GDP in 2023, alongside a 2% economic expansion, outpacing Germany's performance.
Lavrio Port Authority Next Up for Privatization
A deadline for the submission of expressions of interest is May 14, 2024
Eurostat: Greece Records Largest Drop in Natural Gas Prices in 2nd Half of 2023
The price of electricity and natural gas in Europe was down following a substantial surge that began before the Russian invasion of Ukraine and peaked in 2022
GEK TERNA Still Considers Leveraging Concessions Portfolio as Financial Tool
President and CEO of Gek Terna George Peristeris explained the company's plans on Tuesday on the sidelines of the inauguration of sections of Greece's E65 highway
NielsenIQ: 3% Supermarket Revenue Increase in Q1
Private label products are gaining traction, comprising 25.4% of shopping basket shares, up from 24.7%
Store Hours Change Today in Observation of Orthodox Easter
The President of the Athens Chamber of Commerce hopes the Easter period will provide a much-needed boost to retail traffic in the capital
Athens-area Mass Transit Systems Set to Finally Install Contact-less Fare Payment
Paying fares via bank cards, smartphones and smartwatches in all mass transit systems in the Greek capital, namely, buses, trolleys, the metro and tram lines, is scheduled by the end of the year