Visiting Greek governor: Financial sector faced with many challenges

The financial sector is facing challenges, and despite progress in recent years, the European Union needs greater progress in the area of economic and monetary union, the Bank of Greece Governor, Yannis Stournaras, said on Wednesday in Zagreb in his lecture in the Croatian National Bank (HNB).

"The financial sector is facing challenges on many fronts. Banks are no exception. Jonathan Hill (2015, 2016) recently spoke about 'a brave new world for banks' and the need of a revolution in which banks are reformed and restructured with respect to both their business models and governance. Supervisors will also have to adapt to this revolution," according to Stournaras's speech.

"Despite the progress made in the past few years, with Banking Union as the flagship of the reform effort, more progress is needed as Economic and Monetary Union (EMU) remains incomplete. Divergence across the euro area is significant and the crisis of recent years has further highlighted existing shortcomings and important differences that need to be bridged. With respect to the financial system, we should seek an approach that promotes proportionality, transparency and competitiveness. Regulatory consistency, coherence and certainty are crucial to investors’ decision-making process," reads the speech released on the HNB web site.

In attendance at the lecture were foreign diplomats, academicians, business people and media representatives.

Introducing the Greek central bank governor, the HNB Governor Boris Vujcic said that Stournaras's lecture was a unique opportunity to present challenges central banks are facing in attempts to attain objectives of their respective monetary policies in times of protracted recessions and social unrest.

Last update: Fri, 24/06/2016 - 08:49
Author: 

More from Croatia

Court orders Vinka Cetinski to pay D. Koncar EUR 9.1mn in damages

The Commercial Court in the Istria County seat of Pazin has ruled that Vinka Cetinski, a former executive at Kermas...

Mesic blames HDZ, political atmosphere for his Jasenovac statement

Former president Stjepan Mesic on Tuesday offered an apology for his statement about the 1991-1945 Ustasha-run...

Croatian PM visits Yad Vashem

Croatian Prime Minister Andrej Plenkovic visited the Yad Vashem Holocaust Remembrance Centre in Jerusalem on Tuesday...

Croatian officials pledge support for Croats to return to Bosnian Serb entity

State-Secretary in the State Office for Croats Abroad and State-Secretary in the Ministry of Foreign and European...

Netanyahu: Croatia stands strongly for Israel

Israeli Prime Minister Benjamin Netanyahu said in Jerusalem on Tuesday that over the past several years great...