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This is an evaluation of the external economic relations of the island of Cyprus involving trade, finance and tourism. Cyprus has an increasingly open economy, and a study of its external economic relations is, to a considerable extent, a profile of its modern development.
The global economic crisis that began in 2007 has posed huge challenges for European citizens and governments. The crisis has shown that the financial sector has not been adequately regulated and supervised, that governments and individuals have overspent, and that European economies are suffering from structural problems. This book, a collaboration between the Centre for European Studies and its member foundations, assesses government responses to the crisis at the national, EU and regional levels, and also offers policy recommendations. Governments should work with one another and with EU institutions to improve bank supervision and regulatory mechanisms. They should undertake fiscal consolidation measures, bearing in mind that government deficits and debt incur costs that burden future generations. Finally, they should undertake structural reforms such as creating flexible labour markets, increasing the retirement age and shaping efficient public institutions.
The name of the Eastern Mediterranean island of Cyprus is often associated with great power rivalries, regional political antagonism and multiple ethnic and partisan conflicts. Yet this island is much more. It is endowed with an impressive cultural heritage and is distinguished by an evolving tradition of art and creative expression. Strategically positioned at the threshold of three continents, Cyprus has long been a crossroads for East and West. Its geographical position has shaped both its history and its culture. This volume offers guidance to both older classics and to an extensive range of works on modern scholarship.