Cyprus & World News

CYPRUS calls for a new way to tackle the financial crisis

16 October, 2012

The Cyprus EU Presidency called on Tuesday for a new way for tackling the financial crisis with a more fair burden-sharing.

Cyprus call was made during a meeting of the European Economic and Social Committee in Nicosia titled "restoring stability, trust and confidence in Europe; civil society for a new form of governance."
ECSC President Staffan Nilsson said that he awaits "bold decisions" from the European leaders, which will hold a new Summit on 18-19 October to discuss the progress for more integrated economic governance.

"I do hope that EU members at the summit meeting next week, especially the most influential ones, will take a decision to move forward towards a more cohesive and integrated Europe. If such decision is not take the situation is only going to get worse," Nilsson warned.
Representing the President of the Republic, Undersecretary to the President Titos Christofides said that "strict austerity policies that have been pursued have been proven inadequate solutions for the member-states" facing big sovereign debts.

"Our position, which we firmly support in the Council, is that the EU is obliged to change the ways and methodology for tackling the crisis. The essential issue is on the one had the rationalization of the public finances with the best possible burden sharing and from the other to avoid leading the economies in a deep and continuous recession," Christofides said.
On her part, Cyprus Labour and Social Insurance Minister Sotiroulla Charalambous referred to the "Compact for Growth and employment singed by the EU leaders last June.

"The bit question we are all invited to answer today is what next. How do we move forward?”
She noted that Europe should invest in the creation of new job positions utilizing the opportunities in the green economy, energy information technology, health and social services.

Charalambous said youth employment should remain our main priority for the EU member-states, adding that "we have a duty to provide young persons with the necessary skills and tools so that they can find a job. She also noted that Europe should also support the other population groups, which have problems re-entering the job market.
During the meeting, the EESC presented its proposal for the involvement of social partners, local authorities, non-governmental organizations in the implementation of the "Europe 2020" strategy, requested by the Cypriot EU presidency.
"This strategy, if developed properly and with a social ambition, could take us forward," Nilsson noted.