The passing of the mantle at the Bank of Greece was unfortunately implicated in the usual, for Greek standards, political debate. Political objections though cannot and must not affect the stature and independence of such a prime institution, which in its 86 years of operation have proved that it acts in favor of the public interest, beyond any short-term political purposes.
Historically, the central bank has played a substantial and efficient role in all phases of the economy, even during the last crisis. It was essential in securing financial stability and guaranteeing the orderly operation of the banking system.
It is obvious the ever increasing role of the financial system in the European and Greek economy, along with the complexity of the economy and the market, create a rather demanding role for the central bank. Its strategic association with the European Central Bank ensured a greater degree of freedom and also allowed it to participate in policymaking for the Eurozone, thus attaining a special institutional gravitas.
We cannot forget that in the past decades the reports and warnings of its governors have influenced to a great extent the financial environment and governmental decisions. The warnings regarding the economy’s course and the calls for reforms prepared the ground for a series of changes in the economy.
The decisive institutional role of the Bank and the preservation of its credibility must be maintained. It has been proven that irrespective of how and by whom its management has been selected and despite the restrictions and occasional conflicts, they have always operated with a great degree of independence from government choices in the interest of the economy and the country. This historic legacy is a guarantee for its future course.
TO VIMA
