A historical analysis of the banking system and its impact on Greek economy

Constantinos Challoumis and Nicolaos Eriotis ()

Edelweiss Applied Science and Technology, 2024, vol. 8, issue 6, 1598-1617

Abstract: This paper outlines the critical role of banks in the Greek economy, emphasizing their importance for maintaining stability and fostering financial growth. It traces the historical development of the Greek banking system, examines its current structure, and explores future challenges and opportunities. The paper adopts a historical-analytical approach, beginning with a comprehensive review of the Greek banking system’s evolution. It then delves into four key pillars, regulation, function, accessibility, and societal impact, to provide an in-depth analysis of the banking sector. This method allows for a well-rounded understanding of both the historical context and the current dynamics influencing the Greek financial landscape. The Greek banking system has been a pivotal player in the country’s economic development, especially during periods of recovery and growth. Post-2008, the global financial crisis exposed significant weaknesses in the banking sector, including a prevailing deficit of confidence. Regulatory reforms, while effective in some areas, have left challenges related to accessibility, societal trust, and economic resilience. The need for further reforms, especially in digital banking and transparency, is identified as crucial for long-term stability and growth. Conclusion: Greek banks remain essential to the national economy, yet they face considerable challenges, especially regarding public confidence and systemic risks. Addressing these issues through targeted reforms is vital for creating a more resilient and sustainable future for the Greek banking sector. The paper provides actionable recommendations for policymakers, emphasizing the importance of strengthening regulatory frameworks, enhancing accessibility to financial services, and fostering societal trust through improved transparency. The recommendations aim to help the Greek banking sector navigate future uncertainties while supporting economic growth.

Keywords: Banking system; Greek economy; Regulation. (search for similar items in EconPapers)
Date: 2024
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