On 31 March 2016, Cyprus has exited its financial assistance programme, three years of it had agreed to the programme in March 2013 (after an initial request in June 2012). This means Cyprus is now again subject to many rules of the normal EU economic governance framework and also subject to post-programme surveillance (PPS) until […]Read More..
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At the ECOFIN Council of 17 June the excessive deficit procedure was closed for Cyprus, Ireland and Slovenia. These Member States will now again be subject to the preventive arm of the Stability and Growth Pact. Read the relevant press release here. The ECOFIN also approved draft recommendations and opinions on the member states' economic […]Read More..
The European Commission has asked several euro area member states for clarification on their draft budgetary plans for 2017, relating to issues such as reassurances on the behaviour of incoming governments, clarification on demands for flexibility, compliance risks with the Stability and Growth Pact (SGP). All member states apart from Greece presented their plans in accordance with article 6(1) […]Read More..
Read the statement by the European Commission, ECB and IMF: Staff teams from the International Monetary Fund (IMF) and the European Commission (EC), in liaison with the European Central Bank (ECB), visited Nicosia during November 3-13 to review Cyprus’s economic reform programme. Cyprus’s programme, which is supported by financial assistance from the European Stability Mechanism […]Read More..
On 12 September the Eurogroup endorsed the updated Memorandum of Understanding and the disbursement of the next tranche of financial assistance to Cyprus. It welcomed the successful conclusion of the seventh review mission in the context of Cyprus' macroeconomic adjustment programme, which took place in July, and streseds the importance of an effective implementation of […]Read More..
On 18 June 2015 the Eurogroup issued the attached statement, in which it expressed its satisfaction with the entry into force of the legal framework establishing a new foreclosure procedure and the adoption of a comprehensive reform of corporate and personal insolvency laws.Read More..
For the main results see here: "The Eurogroup exchanged views on the implementation of the 2015 euro area recommendation and discussed the draft Council recommendation on economic policy of the euro area for 2016, which is scheduled to be approved by the ECOFIN Council on 15 January 2016. Ministers agreed on five policy priorities for […]Read More..
After its meeting, the Eurogroup published a statement supporting the Cypriot authorities' decision to exit the programme without a successor programme: "The Eurogroup supports the Cypriot government's decision to exit its macroeconomic adjustment programme without a successor arrangement. The Eurogroup commends the Cypriot authorities for the overall successful implementation of the programme and the important […]Read More..
Having exited the financial assistance programme, many rules of the economic governance framework again apply also to Cyprus. This includes the macroeconomic imbalances procedure, and in fact the European Commission on 7 April published its 2016 Country Report on Cyprus including an in-depth review on the prevention and correction of macroeconomic imbalances.Read More..
In a joint declaration left-wing Prime Ministers Costa and Tsipras of Portugal and Greece expressed their dissatisfaction with the EU anti-austerity policy.Read More..