The euro currency has proven itself to be a source of stability and confidence amidst the ongoing economic turmoil, protecting member states from turbulence, said Bank of Greece governor Giorgos Provopoulos.

Mr. Provopoulos' statements reflected those of Vangelis Pteroudis, an official of Pancretan Cooperative Bank, who said in last month's page one story in The Khronicles that Greece was actually better off than most other countries.

Although Mr. Pteroudis mentioned additional reasons for Greece being somewhat shielded from the worst of the money problems, there is no doubt that the strength of the euro is an important factor.

“Without it, the countries that adopted the euro would have been exposed to serious turbulence, such as that experienced in 1992 and 1993,” Mr. Provopoulos, who is also a member of the European Central Bank (ECB) governing council, said. “It is no coincidence that other EU countries are now thinking of joining the eurozone.”

Member countries must, however, adhere to the guidelines of the European Commission’s Stability and Growth Pact for it to remain successful, he added.

"In cases such as Greece, however, where there is high public debt and a large current account deficit, relaxing fiscal responsibility would have a reverse effect in the medium term," he explained. “Such a relaxation would worsen fiscal credibility, increase the cost of servicing the debt and aggravate current account problems.”

Greece’s public debt is the second highest in the eurozone after Italy, while its budget deficit in 2007 breached the EU’s three percent threshold.