Press Release – Evaluating the Cyprus Presidency’s achievements on economic and financial issues
18.12.2012, 11:39 (CET)
Cyprus’ Minister of Finance, Mr. Vassos Shiarly, outlined yesterday evening the Cyprus Presidency’s main achievements relating to economic and financial affairs before the European Parliament’s Economic and Monetary Affairs Committee (ECON). Inter alia, Mr. Shiarly spoke of the Presidency’s success in reaching a general approach on proposals aiming at the establishment of a Single Supervisory Mechanism (SSM) for the oversight of credit institutions, which was subsequently approved by EU leaders, and the significant progress achieved on the two-pack proposals aiming at strengthening economic governance.

Other issues discussed were the Revised Capital Requirements Directive (CRD IV), the Credit Rating Agencies' Regulation for which the Cyprus Presidency achieved a political agreement.

Mr. Shiarly said that last week’s agreement on the SSM, which came following a marathon 14-hour long extraordinary meeting between EU Finance Ministers in Brussels, was extremely important.

“I am confident that the forthcoming consultations and negotiations on the SSM will lead us to agree on banking supervision of the highest standards. In the light of the developments of recent years, we all agree that this is of paramount importance,” said Mr. Shiarly.

On Friday, December 7, European Council President Mr. Herman Van Rompuy and European Commission President Mr. José Manuel Barroso had both praised the work of the Cyprus Presidency in reaching an agreement on proposals to establish the SSM. Mr. Barroso said that the adoption of the proposals on the SSM was “key to further steps in the construction of the banking union” and showed that “the EU and the euro area mean business”.

Cyprus’ Minister of Finance also discussed the political agreement reached on the Credit Rating Agencies' Regulation, saying that he believed that “the agreed regulatory framework helps to ensure a more robust and safer environment of the financial services industry”.

Mr. Shiarly also welcomed the reach of agreement with European Parliament on Venture Capital Funds and Social Entrepreneurship funds.

To read the full text of his speech, click here.

Presidency Spokesperson in Brussels
Nikos Christodoulides

Coreper II

Email: nchristodoulides@mfa.gov.cy
Telefon: +32 27395152
Mobile: +32 473400441
Minister´s Communications Officer
George Sklavos

Ministry of Finance

Email: gsklavos@mof.gov.cy
Telefon: +357 22601268