Since its establishment just 4 years ago, OMFIF has quickly become an important platform for the exchange of ideas on issues that concern the global economy, with an emphasis on Europe. In this connection, let me mention that I became Governor of the Bank of Greece in mid2008. During the following year – that is, in 2009 – the Greek sovereign- debt crisis erupted.
Consequently, I have been at the battlefront of the euro crisis throughout the turmoil, and I would like to share with you my perspectives about what went wrong and what needs to be fixed to make the euro area a better-functioning economic and monetary union. My presentation will be structured as follows. I will begin by discussing the origins of the euro-area crisis.