The European Central Bank’s new strategy on monetary policy will enable the Eurosystem to be better prepared to deal with any future financial turbulence, Bank of Greece governor Yannis Stournaras said on Monday.
In an opinion-article published in “Kathimerini” newspaper, the central banker said that Eurozone central banks will be able to react more swiftly and efficiently to economic developments and to preserve favorable financial conditions and stable prices. “This way we will continue contributing to sustainable economic growth, based on the sustainable prosperity of all European citizens and of course Greeks,” Stournaras said. He added that a review of the ECB’s strategy on monetary policy offered the Eurosystem a vital opportunity to record all lessons learned in the previous two decades to achieve a fundamental improvement of its ability to reach its main goal in the future as well. At the same time, if offered the Eurosystem the ability to become more outgoing by reviewing its communication practices and enhancing dialogue with citizens, so it is better heard but also listens.
Under the reviewed strategy, price stability will be better preserved when the Eurosystem seeks to raise the consumer price index to 2 pct in the long-term.