Jakob Wegener Friis: Cyprus Has Come A Long Way To Growing Confidence

15:40 - 21 Οκτωβρίου 2016

Jakob Wegener Friis, Head of Unit, Economic and Financial Affairs DG, European Commission, speaks at the 7th Limassol Economic Forum on Friday, October 21, at Four Seasons Hotel in Limassol, about putting the right policies in EU policies.

Friis said that today we face new challenges without having overpassed the ones in the past. Cyprus has come a long way to growing confidence via government reforms to make the economy fit.

He added that the economies in the EU have been growing. Citizens earn and spend more, unemployment is going down, employment is going up, public ad private sector investment has been increasing and economic volatile is reduced, while public finances continue to improve.

The current high-stake issues for the EU that are essentially political in nature, but are having tangible economic impacts (e.g. migration flows, UK referendum outcome) either in the short or in the longer term, he said.

Friis added that there is a number of relatively pressing economic challenges and tensions that unless dealt with in a comprehensive and European way may have political repercussions over time.

Finally he explained that these economic challenges lie, for instance, in the banking sector, in the difficulty of restarting productivity growth in Europe in earnest, in signs of real economic divergence both between Member States and within and in the way our European policy tools are put to work, notably the division between monetary and fiscal policy, in supporting economic recovery.

About

The Limassol Economic Forum, now in its 7th year, is the biggest conference on European and Global Economics held in the Eastern Mediterranean region. It has become a major platform of debate on political, economic and business issues in Europe and the world. The Forum engages political, academic and business leaders in a wide-ranging discussion that aspires to improve the state of the broader region and contribute to the worldwide economic debate. The Limassol Economic Forum aims to touch upon the main issues and challenges affecting the European and global economic agenda and to come up with reliable forecasts about the economic outlook.

The event is organised by IMH and INBusiness Magazine, in association with the LSE Alumni Association Cyprus and supported by the Cyprus Shipping Chamber and the Cyprus Chamber of Commerce and Industry. It is sponsored by Cyta, Deloitte, Andreas Neocleous & Co LLC and World Trade Center Cyprus. Cocktail Sponsor: Johnnie Walker. Communication Sponsors: Accountancy Cyprus, Gold Magazine, Alpha Cyprus

Jakob Wegener Friis: Cyprus Has Come A Long Way To Growing Confidence

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