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Cyprus News Agency: News in English, 12-10-08

Cyprus News Agency: News in English Directory - Previous Article - Next Article

From: The Cyprus News Agency at <http://www.cyna.org.cy>


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.


    Cyprus News Agency: News in English Directory - Previous Article - Next Article
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