Cyprus Central Bank chief observer at ECB meeting

Athanasios Orphanides, the Governor of the Central Bank of Cyprus, will take part in a meeting of the European Central Bank Board of Directors on Thuesday, July 19, for the first time since the decision of ECOFIN to allow Cyprus’ accession to the eurozone.

Orphanides left Wednesday for Frankfurt where the meeting will take place.

After the ECOFIN Council has endorsed the reports by the European Commission and the ECB for the adoption of the euro by Cyprus and Malta on 1 January 2008, the Central Bank Governor is entitled to participate in the ECB meetings as an observer. The Central Bank of Cyprus will become full member after the adoption of the euro.

The ECB Board of Directors is the most important decision making body of the European Central Bank. One of its main duties is to determine the monetary policy within the eurozone.