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Cyprus News Agency: News in English, 12-10-08
CONTENTS
[01] Speakers call for gradual implementation of banking union
[02] Commerce Minister outlines priorities of EU Competitiveness Council
[01] Speakers call for gradual implementation of banking union
Speakers at the Economist Conference in Nicosia, referred to the various
stages in the creation of a banking union in Europe, noting that this
should be a gradual step.
Addressing the discussion on "The Creation of a Banking Union in Europe",
Maarten Verwey, Deputy Director-General for Economic and Financial
Affairs, European Commission said Cyprus is an example of the problems
that arise between the operation of a large financial sector on an
international basis and on the other, the monitoring and management of
crisis on a local level.
Referring to the reasons for the financial crisis, Verwey said that
the main problems derive from the private sector and in wrong decisions
taken by the banks. After the collapse of the Lehman Brothers, he said,
it was clear that the easy borrowing frenzy was over and now one needed
two strong feet instead of one to run.
[02] Commerce Minister outlines priorities of EU Competitiveness Council
Commerce, Industry and Tourism Minister Neoclis Sylikiotis has said that
urgent action is needed to promote growth and create new jobs in the EU.
Sylikiotis referred to the three million jobs which have been lost in
the industrial sector, due to the financial crisis, adding that although
the industrial production has recovered since 2009, it remains almost 10%
below the levels before the crisis.
In statements about the Competitiveness Council on issues of Internal
Market and Industry to be held on Thursday October 11 in Luxembourg,
Sylikiotis said that the Council will deal with issues which are related
to the recovery of the economy, focusing on certain fields.
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