gradually restored in the fifties and sixties. yet through these many trials – if not because of them – the bank of greece gradually regained its independence and earned its place at the heart of the financial system, only to become one of the principal pillars of economic stability in the country. this was the very role it was called upon to confirm during the recent financial crisis, whilst maintaining its independence from political or business interference. today, safeguarding the independence of central banks from undue political and business influence is once again an issue that draws much attention. defending the independence of central banks is not only an issue of price stability but also long - term economic sustainability and financial stability. i am sure that all those here today participating in the conference are keenly aware and sensitive to this issue. such had been the founding principles of the bank of greece back in 1928. 90 years have passed since those principles were first laid down. the bank of greece is no longer young. more importantly, however, it is no longer an orphan – despite the occasional attempts to make it appear so. it belongs to a large european family with strong institutional ties and a common purpose. on this, the 90th anniversary since we first opened our doors to the public, we are revisiting our past and contemplating our future. but we have chosen to do this through a comparative and international lens. for the greek experience was hardly unique : the 1920s and 1930s witnessed the creation of a string of new central banks, across several countries. more often than not, their birth was midwifed by ‘ money doctors ’ from the bank of england, the banque de france or the federal reserve : people such as niemeyer, siepmann or strakosh, whose names litter the archives of many inter - war central banks, including that of the bank of greece. some of the new institutions were established to exorcise wartime inflation and restore access to credit ; others were born out of the dissolution of empires, or the weakening of ties to imperial colonies ; all of them reflected an attempt to ‘ return to normalcy ’, by rebuilding an international monetary order and restoring cooperation in the aftermath of a devastating world war. this ‘ return to normalcy ’ proved an illusion. the great depression soon challenged the viability of this order and forced many of the new - born institutions to re - evaluate their priorities and their relationship to the state and with each other. the questions facing each one were similar ; the answers they gave – less so

. over the next two days, fifteen prominent scholars from eleven countries will present their work on different institutional or national experiences in the inter - war years ; i thank them for being here and look forward to listening to their contributions. i would also like to thank the centre for culture, research and documentation of the bank of 2 / 3 bis central bankers'speeches greece, and its director, mr. panagiotis panagakis. our economic historian and scientific advisor to the historical archive, mr. andreas kakridis, who is the heart and soul of the conference. the staff at my office, our valuable communication section, the security officers, as well as numerous other colleagues at the bank of greece, without whom this conference would not be possible. the bank of greece is committed to promoting historical research, particularly research in economic history. yet the past is most interesting when it informs our understanding of the present and future. policy reactions to the recent financial crisis were shaped by perceptions – and often misperceptions – of the past, particularly the inter - war years. in this context, i am also pleased to welcome several of my esteemed colleagues from other european central banks, who are joining us for this conference. their presence honours us and underlines the connection to the present and future of central banking. we will have much more time to talk about this later today, during our panel discussion. but first, let us turn our gaze to the past and start our journey through the inter - war years. i wish everyone a fruitful conference and look forward to stimulating discussions! 1 page 8 of memorandum by η. finlayson, relations between the state and the central bank of issue, dated 10. 10. 1928, as found in the bank of england archive, niemeyer papers, ov9 - 206 / 2. 3 / 3 bis central bankers'speeches