Stournaras spoke to reporters after attending a closely watched ECB general council meeting in Frankfurt, noting that Europe is facing tremendous uncertainty at present, with no one in position to know when the crisis will end and what its repercussions will be.
Stournaras said it was heartening, however, that more “calm-headed views” won the day over Euro zone “hawks”, who favored increasing interest rates on the euro currency, “as everyone knows that such a decision would place yet another obstacle on the European economy’s path towards recovery, amid an ongoing war and after suffering from the pandemic”.
The inflation rate in the Euro zone soared to more than 5 percent last month; 7.2 percent for Greece.
In contrast to much more optimistic forecasts by the Greek government’s ministers, Stournaras has publicly warned that the economy is entering a cycle of lower growth and higher inflation.
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