Former Finance Minister Yannis Stournaras on Friday sworn in as governor of the Bank of Greece (BoG) in the presence of the President of the Hellenic Republic Karolos Papoulias and Finance Minister Gikas Hardouvelis.

Ioannis Papadakis was appointed deputy governor while the seat of the second deputy governor remains vacant given that the tenure of former deputy governor Eleni Louri was completed on June 20. The seat will be covered within the following days after the convention of BoG’s General Council.

After the swearing-in ceremony Stournaras expressed the certainty that the foundations for a better economy were set in the last years, a model of a better economic development and noted that the monetary stability is an integral part of the new growth model.

“I believe that the Greek economy is on a better course,” he said.