The discussion on the “20 years of the euro”, focusing on how crises and challenges have affected the European currency, took place at the 7th Delphi Economic Forum.
Giannis Stournaras, Governor of the Bank of Greece, noted that “if we have deeper integration in Europe, we will have a strong euro that could take the place of the dollar. The euro may be a threat to the dollar but cryptocurrency is a dangerous “We have digital currencies that could help trade. But I do not think there is a more significant challenge for the dollar than the euro.”
Jean-Claude Trichet, the former President of the Central Bank, referred to the successive crises we have gone through as the European Union, noting that “the euro remains the culmination of an effort, not twenty years but much longer. The European Pact, European Stability When I was President I had the privilege of welcoming new countries. As long as we are not a political federation, the euro will be less important and we will live in the power of the dollar. has happened in the last 72 years.What will happen in the next 7 2 years; Germany and France will have no global influence. “I believe in the European project.”
Is there a risk of inflation in Europe? Mr Trichet replied in the negative, explaining that “before the war we were doing well. This is a result of the war. We are crossing this hill which is inevitable.
Gabriel Makhlouf, Governor of the Bank of Ireland, said: “If there is one characteristic of the euro, it is resilience. We are trying to see if inflation will have other consequences. “We have focused on this issue, so that we can have 2% inflation in the medium and long term. The US economy is different from the eurozone. In the US, the impact of rising oil prices is different.”
Konstantinos Herodotou, Governor of the Central Bank of Cyprus, agreed with the other participants on inflation and growth, as well as the risk of cryptocurrencies. In particular, he said that “given the sanctions and positions imposed by some countries, many have turned to cryptocurrencies, I would like to say that we all agree that crypto is not a currency but a risk. If we wait 72 years, ie 2094, I hope to we have learned from our sufferings and have learned the right lessons “
The discussion was moderated by journalist Thanos Tsiros.
Source: Capital
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