Bank of Greece

The country of Greece joined the European Union in 2001 and thus its banking system, headed up by the Bank of Greece (the country’s national central bank) transitioned in to the European banking system, adopting the Euro as its new currency. The main headquarters for the bank is located at Venizelou Avenue, Athens and is currently governed by George Provopoulos and since its move to Europe, the European Central Bank also.

The central bank was first established on in 1927 and since then until 2001 had operated as its own governmental entity, using its own currency the Greek drachma. The bank played a big role in determining the monetary and economic policies of the country, as well as the general economic stability of Greece. After Greece joined Europe in 2001 it was taken over by the European Central Bank and became a member of the European System of Central Banks (ESCB). Although it still exists as its own entity many of its functions and operations are controlled and governed by the European Central Bank.

The Bank of Greece’s main responsibilities include setting a mutually beneficial monetary policy, ensuring price stability in the country, the printing and circulation of the money supply (in this case Euro coins and notes), to supervise the country’s private banks and to promote general financial stability in the country and for the Euro currency. The bank is also active in selling Gold sovereign coins.

As of 2009 the bank employs around 3,000 employees with a board of directors and governors headed by George Provopoulos. In turn he reports to the European Governing Council along with other member country governors to discuss general matters of Europe and to trade advice on monetary policy and other factors affecting the Euro currency and the general Eurosystem.

Central Banks > Bank of Greece