Central Banks of Cyprus and Spain committed to enhancing collaboration

The visit to Cyprus of Governor of the Bank of Spain Pablo Hernández de Cos underscores the shared commitment to enhance collaboration between the two central banks, a press release by the Central Bank of Cyprus (CBC) says.

According to the CBC, in a significant step towards bolstering economic cooperation within the Eurozone, the Central Bank of Cyprus was honored to host Governor Pablo Hernández de Cos of the Bank of Spain for a series of important meetings and discussions. The visit, it adds, following an invitation from Governor Constantinos Herodotou, underscores the shared commitment to enhance collaboration between the two central banks.

During his stay, Governor Hernandez de Cos engaged in fruitful discussions with Governor Herodotou, focusing on economic policy, banking supervision, and strategies to strengthen bilateral cooperation.

In addition to the central bank discussions, Governor Hernandez de Cos had the opportunity to meet with key Cypriot officials, including the President of the House of Representatives, Annita Demetriou, Minister of Finance, Makis Keravnos, and President of the Standing Committee on Financial and Budgetary Affairs, Christiana Erotokritou.

The CBC says that an open discussion with stakeholders from the most important sectors of the Cypriot economy allowed for an exchange of insights and perspectives on the state of the real economy.

"The two Governors’ involvement underscored the importance of engaging with a wide range of sectors to foster a sustainable and inclusive economic future" it adds.

The CBC also says that Governor Herodotou noted that "our close relationship at the Governing Council of the European Central Bank has been forged by exchanging views on the Eurozone economy. His visit has significantly strengthened the ties between our central banks and has laid a solid foundation for further future cooperation. I am confident that the discussions held and the relationships fostered during this visit will contribute to our shared goals."

"We thank Governor Hernandez de Cos for his valuable insights and look forward to our continued collaboration," Herodotou continued.

On his part, Governor Pablo Hernandez de Cos said “I am grateful to Governor Herodotou for setting up an agenda that has helped me have a deep and first-hand impression of economic developments in Cyprus. This cooperation among national central banks is also key to enhancing our collective thinking at the ECB Governing Council".

We are now, he added, "at a crucial moment in the process of bringing inflation back to our 2% medium-term target and special thanks are due to Governor Herodotou for his leadership and his acute understanding of financial and economic dynamics that, in so many occasions, have helped us reach the best monetary policy decision for the benefit of all Euro Area citizens.”

The press release says that the Central Bank of Cyprus remains committed to fostering strong relationships with the aim of enhancing economic stability and prosperity.

"This visit was another important moment in our ongoing efforts to collaborate more closely with our European partners," it concludes.