Cyprus enters the Euro-zone: Challenges and Implications
In association with the FT business and
LSE's European Institute 'The future of Europe lecture series'
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Date
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Wednesday, 23 January 2008
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Time
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18:30 - 20:00
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Venue
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Hong Kong Theatre, Clement House, LSE
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Speakers
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Christopher Pissarides and Michalis Sarris
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Chair
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Professor Kevin Featherstone, Hellenic Observatory Director
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At the start of the year the Republic of Cyprus adopted the 'euro' currency replacing the Cypriot pound. The then Finance Minister, Dr Michalis Sarris - an LSE economics alumnus - came to the School on 23rd January 2008 to give a lecture on the 'challenges and implications' of this transition.
The Cypriot case, once again, is more important than its size might suggest. Though its economy represents about 0.2% of the euro-zone's GDP, Cyprus' entry raises issues of relevance to other likely new entrants. And, within the EU, there was some press speculation that her entry might tip the voting balance on the governing council of the European Central Bank towards a 'softer' 'Latin-Hellenic' bloc. The then President Papadopoulos, like many others, expressed the hope that the adoption of the new currency could play a role in re-unifying Cyprus.
Michalis Sarris spent some 30 years at the World Bank, after leaving the LSE, before being enticed back to Cyprus in 2005 as Finance Minister. In his lecture, he surveyed the monetary and economic implications for Cyprus of the adoption of the new currency.
He was followed by Professor Chris Pissarides, the Norman Sosnow Professor of Economics at the School and a former member of the Monetary Policy Committee of the Central Bank of Cyprus, who added his own comments.
The lecture and dinner afterwards was supported by both The Financial Times and the Cyprus High Commission in London. The Hellenic Observatory sees the development of a stronger focus on Cyprus as a priority in its future development.
EVENT PHOTOS
From Left to Right:
Kevin Feathertone; Michalis Sarris; Christopher Pissarides & George Gaskell
Minister Michalis Sarris
Professor Christopher Pissarides