Bank of Greece governor calls for reform of Stability and Growth Pact

The time is ripe for a reform of the Stability and Growth Pact, Bank of Greece governor Yannis Stournaras told the 22nd Rencontres Economiques held in Aix-en-Provence in France. The Greek central banker recommended that the Recovery and Resilience Facility should be transformed into a permanent mechanism linking fiscal policy at the heart of the Eurozone with new rules in order to avoid the moral hazanrd of relaxing fiscal stability on a national level.

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