Bank of Greece Yannis Stournaras underlined the need to adopt innovative and sustainable fiscal solutions due to rising public debt in the Eurozone, at the opening the conference "Public Debt: Past lessons, future challenges" on Thursday.
He noted that Europe is at a crossroads, facing increasing levels of debt due to successive recent crises, such as the global financial crisis of 2008, the public debt crisis of 2010-13, the pandemic, but also the energy crisis caused by the war in Ukraine.
Consequently, the challenge Europe now faces require “ constant vigilance and adaptability. In the event that debt levels lead to increasing vulnerabilities, the need for innovative and sustainable fiscal solutions will be more pressing than ever," he said. He added that the decisions taken today will determine not only the financial stability of Europe, but also the well-being of future generations. Striking the right balance between promoting growth, ensuring fiscal sustainability and protecting the long-term interests of European societies is not an easy task, but it is a collective responsibility, he added.