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ECB President: Cyprus is a key player in EU and Eurozone

ECB President: Cyprus is a key player in EU and Eurozone


Cyprus is not at the far end of Europe but at its heart and is a key player and a key member state in Europe and the Eurozone, European Central Bank President Christine Lagarde said in a statement at the Presidential Palace in Nicosia following a meeting with Cypriot President Nikos Anastasiades in the presence of Central Bank Governor Konstantinos Herodotus.

At the same time, she expressed confidence that Cyprus will recover from the crisis caused by the war in Ukraine, praising the resilience of the Cypriot economy during the banking crisis as well as during the pandemic crisis.

Lagarde, who is visiting Cyprus at the invitation of the CBC Governor, met with Herodotus at the Central Bank on Wednesday morning and then met with President Anastasiades at the Presidential Palace.

Speaking after the meeting, President Anastasiades said he was very pleased to welcome European Central Bank President Christine Lagarde to Cyprus. “Your visit to our country at the invitation of the Governor of the Central Bank of Cyprus is of great importance, especially given this important moment for the European as well as the global economy,” he said.

He added that during the meeting he had the opportunity to brief President Lagarde on the current state of the Cypriot economy and to discuss with her some emerging new challenges, which of course also have implications for the European Union and its Member States. as well as the Eurozone.Anastasiades noted that the significant progress of the Cypriot economy in recent years, which has led to the creation of sufficient fiscal buffers, has allowed the country to protect livelihoods from the health and economic impacts caused by the COVID-19 pandemic.

He went on to say that today we are all facing the war in Ukraine and the unprecedented crises it creates. According to him, the Republic of Cyprus is facing new obstacles, such as a decrease in the number of tourists, rising inflation and rising energy and food prices, which are undermining the country’s growth trajectory.

He expressed optimism that “we will once again succeed in exceeding expectations and continuing to deliver on our commitment to achieving macroeconomic and financial stability and sustainable and inclusive growth for the benefit of our citizens and businesses. Our common understanding with President Lagarde is that a comprehensive EU plan is once again needed to overcome uncertainties and increase our resilience in the challenging period ahead.”

Finally, he told Lagarde that her visit to Cyprus demonstrates “our will to cooperate closely and further strengthen our productive cooperation.”

Source and photo:, Editor

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