Interview
POLITIKA (Serbia)
January 31, 2011
This year, the crisis is different. With these words Gikas Hardouvelis,
professor at the University of Piraeus and Chief Economist and Head of
Research in Eurobank EFG Group begins his interview for
“Politika”. From the original financial crisis of the US and Western Europe
and the subsequent global recession and instability, the crisis is now
transformed into Euro Area crisis, he explains. After a decade of relative
calm and prosperity in the Euro Area, member states are facing the first real
test of their cohesion. There is a battle between the market and politicians,
who try to resist the disintegrating forces of the markets. As Hardouvelis
predicts, in Europe a process of wider fiscal federation is awaiting us. IN
the world, a more stable economic growth with higher interest rates, and
more regulatory restrictions on the financial sector. Therefore, a decade of
slower but more stable growth is ahead of us.