Yannis Stournaras: Greece in Europe - reasons for optimism Speech by Mr Yannis Stournaras, Governor of the Bank of Greece, at the Annual Stavros Niarchos Foundation Lecture, Yale University, New Haven CT, USA, 19 September 2019. * * * Ladies and gentlemen, It is a great honour for me to be invited to deliver the Annual Stavros Niarchos Foundation Lecture.
There was a reduction in the quality of loans, just think of subprime lending in the US, in standards, checks, oversight of lending – there were enough signs. Furthermore, in the early 2000s several rules which certainly would have been helpful in mitigating the crisis were revoked. Since then, a lot has been done to reinforce those rules and regulations.