Christine Lagarde concludes working visit to Cyprus

Thursday, 31 March 2022


  • Strong messages from the President of the ECB on the resilience of the Cypriot economy


The President of the European Central Bank (ECB), Ms Christine Lagarde, concluded a very productive working visit to Cyprus.

Ms Lagarde, who was in Cyprus on March 29-31 following an invitation of the Governor of the Central Bank of Cyprus (CBC), Mr Constantinos Herodotou, had meetings with the President of the Republic, Nicos Anastasiades, the CBC Governor and three women`s associations. She also participated in a conference organized by CBC, during which she talked about the prospects of the European economy during these unprecedented circumstances and answered to questions from the participants.

President Lagarde referred to the challenges facing the Eurozone and, consequently, Cyprus due to the rising inflation as a result of the Russian invasion of Ukraine. Specifically, she referred to the maintenance of energy prices at high levels, the possible increase in food prices and the continuation of bottlenecks in manufacturing internationally. She also offered her reassurance that the ECB will implement all the necessary actions to ensure the stability of prices and of the financial system at large in the euro area.

ECB’s President expressed the conviction that Cyprus will cope with the difficulties and will continue its growth path just like a few years ago when Cypriots worked hard to cope with the outcomes of the financial crisis. At the same time, she underlined the excellent cooperation the ECB has with the CBC and that through Governor Herodotou, Cyprus has a strong voice in the Governing Council of the ECB.

For his part, the President of the Republic, Mr Anastasiades, praised President Lagarde's timeless interest in Cyprus. At the same time, he stated that even though the current circumstances follow a period of many challenges, caused by the pandemic, the Cypriot economy will emerge stronger, to continue its course towards sustainable development.

Constantinos Herodotou stated that: ‘The ECB President’s visit to Cyprus was of particular importance since it sent a message of confidence in relation to the strengths and capabilities of the economy and the financial system of our country. I am convinced that based on European values​, as well as by implementing the necessary actions, we will overcome this difficult situation successfully.'