Cyprus PIO: News Update in English, 01-02-23

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From: The Republic of Cyprus Press and Information Office Server at <http://www.pio.gov.cy/>

Friday, 23 February 2001

CONTENTS

• [01] Finance Minister addresses symposium on "Challenges and prospects at the Beginning of the Century"

[01] Finance Minister addresses symposium on

The Minister of Finance Mr Takis Klerides addressed a Symposium yesterday, organized by Laiki Group in cooperation with the City University of London, on the "Challenges and prospects at the Beginning of the Century". Many distinguished speakers and participants attended the symposium, including the Lord Mayor of London Alderman David Howard, who is also Chancellor of City University.

In his address, Mr Klerides emphasized that globalisation and liberalisation of markets are changing rapidly the external environment of the small Cyprus economy, leading to intensifying competition. Rapid technological progress is shaping the new economy, he said, adding that unprecedented volumes of information are freely available, undermining any attempts to limit the free flow of knowledge.

"It is obvious that the future prospects of the Cyprus economy critically depend on the degree of its responsiveness and adaptability to the changing conditions", he said.

Referring to Cyprus' EU course he said that harmonisation with the European Union is the main priority of the government's strategic plan covering the period 1999 - 2003.

Mr Klerides said that the government also adopted a medium-term oriented fiscal consolidation plan, aimed at the reduction of the fiscal deficit and the creation of conditions of low inflation and low interest rate, which is being implemented with success and all intermediate targets have been achieved.

"It is one of our main strategic objectives to satisfy all convergence criteria of the Treaty of Maastrict and join the Economic and Monetary Union soon after accession," he added.

The full text of the Minister's speech can be found at the of our web page.

From the Republic of Cyprus Press and Information Office (PIO) Server at http://www.pio.gov.cy/

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