Financial Liberalisation Choices for Cyprus on the Road to the European Union
This paper examines the financial liberalization choices available to Cyprus on the road to EU membership. It argues that the central bank’s proposal of full and immediate liberalization of interest rates and capital inflows entails a number of hidden dangers for the stability of the island’s economy. It puts forward an alternative proposal of a more gradual liberalization process coupled with supplementary measures aimed at strengthening the institutional framework of the Cypriot financial system. This proposal significantly reduces any risks emanating from financial liberalization and ensures the harmonization of the Cypriot financial system in time for EU accession. It has been endorsed by the Co-operative Movement and, at the time of writing, is being considered by the Cypriot government.
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Volume (Year): 3 (1999)
Issue (Month): 1 (summer)
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