Yannis Stournaras: The global economy in 2026 and beyond - financing Europe and Greece's future
Speech by Mr Yannis Stournaras, Governor of the Bank of Greece, at the 30th Annual Economist Government Roundtable "The global economy in 2026 and beyond – financing Europe and Greece's future", Athens, 10 July 2026.
Governor of the Bank of Greece, Mr Yannis Stournaras, addressed the 30th Annual Economist Government Roundtable on the global economy in 2026 and beyond, focusing on financing Europe and Greece's future. He commended the Economist for their invitation and joined a panel with ECB Vice President Boris Vujčić and CEO of the National Bank of Greece, Pavlos Mylonas.
The US-Iran agreement led to lower energy prices, potentially boosting growth and reducing inflation. However, recent hostilities have caused new oil price pressures, highlighting the Middle East's volatility and impact on energy costs. The Greek banking sector has undergone significant transformation, with improved financial metrics.
The Resilience and Recovery Facility (RRF) has been a key factor in this growth, with Greece receiving the highest allocation as a percentage of its GDP in the EU. The Facility should be seen as a bridge to a more resilient economy, rather than temporary stimulus. After the RRF, Greece must maintain investment momentum through a combination of public and private financing.
The global economy faces challenges from geopolitical conflicts, trade protectionism, weaker growth, higher inflation, and large investment needs in various sectors. Europe must leverage private savings and mobilize its private capital to finance these priorities. Greece has made progress in fiscal credibility and banking sector stability, but bank lending alone is insufficient.
The country must broaden the financing ecosystem to ensure sustainable growth and convergence to the EU.
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