Greek Central Banker Reiterates Call for the Euro to Become a Global Reserve Currency

Bank of Greece Governor Yannis Stournaras has once again voiced his support for elevating the euro’s role in the global financial system, emphasizing the need for it to function as a reserve currency used in international transactions. In an interview with the German outlet Handelsblatt, Stournaras underlined that this shift cannot happen without deeper integration and a more dynamic, growth-oriented eurozone economy.

He argued that such progress is essential, especially given Europe’s high exposure to shifts in global economic conditions. The EU’s openness, he noted, makes it particularly susceptible to external shocks, and greater cohesion would provide the resilience needed to face such vulnerabilities.

Despite current challenges, Stournaras pointed to recent EU policy initiatives as signs that the Union is becoming increasingly robust and capable of strategic, long-term planning. In his view, these developments mark a turning point, suggesting that the bloc is laying the groundwork for greater financial and political stability.

On the domestic front, the Greek central banker spoke confidently about the country’s readiness to navigate the future. Since the 2010 debt crisis, Greece has undergone significant economic reform, with structural overhauls across key sectors. The government has succeeded in reducing bureaucratic red tape, pushing forward digital modernization efforts, and investing heavily in infrastructure - changes that Stournaras believes have fundamentally strengthened the Greek economy.

He also reflected on the broader lessons the EU has drawn from the crisis that once brought Greece to the brink. Chief among them, he said, is the importance of acting swiftly during times of turmoil, coordinating across member states, and steering clear of austerity policies that risk producing counterproductive outcomes.