It is not the first time that Mr. Stournaras has become extremely revealing in interviews and statements, while being perfectly clear about what he says. Recently speaking of the ECB’s intentions – as pointed out in the Eco-clastics – it has betrayed the markets that in 2024 or in fact at the end of 2024 the ECB’s interest rates will be one unit lower. He did not exactly say so, but that was the conclusion of his statement on four forthcoming interest rate cuts, which almost consistently in the ECB practice are 0.25% each. This time in yesterday’s interview that one can read on the TTE website, he was extremely clear and… denouncing. Unknown, of course, what faces were made by the competent ministers when they were informed by the officials of their offices… But that is of little importance. The important thing is that Mr. Stournaras for every rational thinking, “denounced” directly the non-existence of a “free market”, yes, that which is the merit of government economic policy. It pointed out that companies in the food, fuel, health and banking sector operate under market oligopolistic exploitation conditions (!). He said specifically “Greece needs more competition, because as it turns out from studies by the Bank of Greece we have oligopolys in food, fuel, banks and private hospital care…”. Impressive considering that the sectors mentioned are the main branches in domestic economic activity. Indirectly but in a clear way, he showed with his finger and those responsible within the economy, for inflation that hits mainly low incomes… He even stressed that what he says is not his own personal assessment, but “is derived from studies by the Bank of Greece”. Should the Ministers of Finance and the Ministers of Development look again? Do they have to look back in the mirror at the Department of Energy and Health? Should the heads of the Independent Competition Authorities look back in the mirror? Mr Stournaras, as is well known, has been one of the pioneers of the transition to EMU and entry into the euro in addition to his position as head of the TTE. Some moon even prepared for the introduction of the euro, “worked” in EFC in close cooperation with former head of the Mario Dragi Commission and then president of the ECB. It was of course also within the “group” of the restructuring of Greek debt and memorandum contracts. But beyond all this, he was and is, one of the few Greek economists whose theoretical completeness is based on the greatest ever practical – defining – participation in the greatest post-war economic “experiment”, what took place in Greece from 2011 to today… Consequently, when he speaks, he knows what he says. Even if he did not refer to the studies of the relevant TTE addresses, his words would still have the same significance. At this point it would be very easy to mention where and in which other countries the economy operates in such an oligopolistic way as businesses in food, fuel, private health and…banks in Greece. But it would also be very offensive to those responsible in Athens. And that is why we will not do it from these lines. But in any case Mr Stournaras, with all the weight of his position and opinion, raised a major issue with the Government. Will anyone answer?
Stournaras “complains” … oligopolys in food, health, fuel and… banks (!)
—