Nicosia exits excessive imbalance process

Ten years after the outbreak of the financial crisis it suffered, with the bank bail-in, the Republic of Cyprus has finally exited the excessive imbalances procedure (EIP) of the European Commission, on the basis of the European Union documents that were issued under the spring package of the 2023 European Semester on Wednesday in Brussels.

The EIP procedure shows that a member-state is experiencing excessive vulnerabilities and it is placed under enhanced surveillance to ensure compliance with EU fiscal rules.

An EU official in Nicosia also said that Cyprus has already achieved its medium-term fiscal target, since the EU is poised to restore its fiscal rules as the Stability Pact's escape clause will be terminated at the end of the year.

"Cyprus has achieved significant progress and it is on a path of gradual correction," the European official said, noting...

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