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European Symposium in International Macroeconomics opens in Cyprus
2005-05-25 13:51:11

Limassol, May 25 (CNA) -- Cyprus, along with many other countries, has benefited from developments paved by economic research in the institutional set up and procedures of policy-making bodies as well as from the subsequent research concerning the sequencing of reforms necessary for a smooth transition into a fully liberalised economic and financial system.

This was stated by Cyprus Central Bank Governor Christodoulos Christodoulou addressing the opening of a CEPR's European Summer Symposium in International Microeconomics held in Limassol until May 28.

In his opening address, Christodoulou said ''all these efforts and developments have contributed to the achievement of a notable track record for the Cypriot economy, including the smooth and successful entry of the Cyprus pound into ERM 2, less than a month ago, and have set the stage for a promising future in our country, in the context of euro zone participation.''

He said the work of the two academics, Kydland and Prescott, who were awarded last year with the Nobel Prize in Economics together with work by many other economists, laid the foundations for central bank independence, a concept fundamental to monetary and exchange rate policy making in Europe today.

''These are the principles on which our Central Bank is operating today, with an independent Monetary Policy Committee in charge of monetary policy,'' he added.

He expressed certainty that the symposium ''through its announcements, discussions and new approaches to contemporary economic issues will contribute positively to the better understanding and more effective confrontation of the many challenges of the present and significant demands of the future.''

Furthermore he noted that ''the interaction amongst so many distinguished economists will certainly give rise to positive externalities and produce seeds to new knowledge for which we are particularly appreciative.''

Christodoulou said the presence Cypriot economists at the symposium is also proof that intellectual challenge and curiosity continue to thrive in Cyprus. Cypriots are, indeed, eager to participate in the ongoing quest for new knowledge and attainment both in their homeland as well as in academic and research institutions all over the world, he concluded.

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