Greece’s Economy began recovery after the crisis, however, the population of the country at the moment do not feel improvement, said the Vice-President of the European Central Bank (ECB) Luis de Guindos.
“the Greek economy is on the path to normalization. This is very good news,” said Guindos. The situation in the economy of Europe and Greece was also discussed by the Minister of Finance of Greece Christos Staikouras and Chairman of the Central Bank of Greece Yannis Sturnaras.
Guindos noted that the Greek economy entered the growth trajectory with a speed much higher than the average in the European Union. However, according to him, in Greece people do not feel it.
“the Greek people have not yet felt in everyday life improve that show statistics, but in the future he looks with great optimism,” said Guindos.
the Main problem of the country’s economy, Deputy head of the ECB called maintenance-free loans.
In his opinion, the situation in the banking sector in Europe is improving.
“In Europe we have problems with the profitability of banks, but European banks are much safer than in the past. However, institutional investors are looking for yield that do not fit the profile of European banks. In any case, we adopt structural measures to boost profitability of banks”, — said Vice-President of the ECB.
He confirmed the forecasts of the ECB for the acceleration of GDP growth in the Euro area in the second and third quarters of the year. Luis de Guindos also called for the strengthening of fiscal policy in the Eurozone.
“was the first step, progress has been made, but not enough. We must have more tools, we only have the agreement of stability, and it is difficult to us the policies we need, in the face of slowing economic growth,” said Guindos.
He called the priority of the completion of the Banking Union. As the global economy, after the news about Brexit and trade agreement between the United States and China phave Rozalla stabilization, however now in connection with the appearance of coronavirus, the uncertainty, and it remains to be seen how the situation will develop, Guindos said.