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ECB executive pleased at Cyprus’ economic progress

cbc constantinos herodotou and phillip lane
CBC Constantinos Herodotou and Phillip Lane

ECB executive committee member and chief economist Philip Lane met with Central Bank of Cyprus (CBC) governor Constantinos Herodotou on Wednesday, after being invited by the latter to the island for a two-day visit.

Aside from meeting with the CBC governor, Lane will also meet with a number of government officials and private sector bodies.

During his meeting with Herodotou, Lane discussed the progress of the Cypriot economy as well as the broader economic prospects of the Eurozone.

Accompanied by the central bank governor, Lane later had a meeting with House Speaker Annita Demetriou.

What is more, as part of his visit, Lane will deliver a lecture at the University of Cyprus, and meet with the Minister of Finance of Cyprus Makis Keraynos, before capping things off with a discussion with central bank economists.

“This morning I had very productive meetings with the governor of the Central Bank of Cyprus Constantinos Herodotou, and with the Speaker of the House of Representatives, Annita Demetriou,” Lane said after the two meetings.

“I am pleased to observe the significant progress of the Cypriot economy,” he added.

“Allow me to underline the excellent cooperation of the ECB with the CBC and the valuable contribution of Mr. Herodotou to the Governing Council of the ECB,” Lane concluded.

Meanwhile, CBC Governor Constantinos Herodotou expressed his appreciation to the ECB executive committee member, saying his visit highlights the strong ties between CBC and the ECB.

He also stressed the importance of the ECB’s role in regard to the Cypriot economy and the Eurozone.

“As always, our discussions with Mr. Lane are very productive and constructive,” Herodotou stated.

Philip Lane, in his capacity as chief economist, is the key person concerning the issues that are put before the Governing Council of the ECB for a vote.

From 2016 to 2018, he chaired the European Systemic Risk Board’s high-level task force on safe assets. In 2015, he served as the director of the International Programme on Macroeconomics and Economics at the Centre for Economic Policy Research (CEPR) and was also a CEPR Research Fellow in 2002.

Additionally, he served as the President of the Association of Irish Economists from 2012 to 2014 and as a Member of the Committee on International Economic Policy and Reform (CIEPR) from 2012 to 2015.

Throughout his career, he has advised various institutions in an academic capacity, including the European Central Bank in 2006-2007 and 2014-2016, the Bank for International Settlements in 2015, Banco de Portugal in 2015, the International Monetary Fund in 2014, and the World Bank in 2006-2007, 2011, and 2014-2015.

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