Bank of Greece Governor Yannis Stournaras underlined the importance of ethics, integrity and transparency in the functioning of the Eurosystem, as well as the need for European central banks to adapt to new technological developments without compromising their fundamental principles or independence.

He was speaking as he welcomed the European Central Bank’s (ECB) Ethics and Compliance Committee, which is holding its annual off-site meeting in Athens.

Mr Stournaras placed particular emphasis on the importance of continuously monitoring the practices and ethical rules governing the operation of central banks. He likened the Committee’s role to that of Socrates’ gadfly, which, as described in The Apology, constantly prodded the Athenians to re-examine their beliefs and behaviour.

As he noted, the Committee acts as a permanent mechanism for vigilance, ensuring that ethical standards remain robust, up to date and capable of responding to today’s challenges. The Bank of Greece Governor described issues of morality and ethics as being of the utmost importance not only for the Eurosystem but also for the European Union as a whole, particularly in the current climate.

The meeting’s agenda is of particular interest, as alongside issues of integrity and transparency, it covers areas at the forefront of technological developments, including artificial intelligence, personal data protection and cryptocurrencies.

Mr Stournaras stressed that these issues are high on the agenda of both the Bank of Greece and other European central banks, which are required to keep pace with technological change while safeguarding their independence and remaining committed to the principles that govern their work.

Finally, he referred to the forthcoming centenary of the Bank of Greece, noting that the anniversary events would provide an opportunity to highlight not only its history and achievements, but also values such as democracy, participation and collective endeavour.