Cyprus - Economic policy

Short-term priorities:

• correct the widening of the fiscal and current account deficits;
• strengthen effectiveness of monetary policy and effective liberalisation of capital movement;
• bring the cooperative credit and savings societies sector into line with the acquis and international accounting standards.

Evaluation (November 2001)

These priorities have been respected.

Evaluation (October 2002)

In general, the priorities of the accession partnership concerning the economic criteria have been respected.

Assessment (November 2003)

Please refer to the fact sheets on the adoption of the Community acquis.

Medium-term priorities:

• implement programme for liberalisation of utilities;
• complete the structural reform programme, in particular in the financial sector;
• liberalise further capital account operations regarding direct investment, real estate investment, portfolio transactions, financial credits and the opening of deposits abroad;
• liberalise foreign participation in financial services, oil refining, tourism and trading;
• continue efforts to improve the conditions for enterprise creation and development;
• continue efforts to restructure the textile sector;
• establish an annual fiscal surveillance procedure aimed to bring the reporting, monitoring and control of public finances into line.

Evaluation (November 2001)

These priorities have been partially respected.

Evaluation (October 2002)

Cyprus has speeded up the liberalisation process of a number of protected sectors in its economy such as the telecommunications and energy sectors. In general, the priorities of the accession partnership concerning the economic criteria have been respected.

Assessment (November 2003)

Please refer to the fact sheets on the adoption of the Community acquis.

Following the signing of the Accession Treaty on 16 April 2003, Cyprus, the Czech Republic, Estonia, Hungary, Latvia, Lithuania, Malta, Poland, Slovakia and Slovenia acceded to the European Union on 1 May 2004.

REFERENCES

Decision 2000/248/EC of 20.03.2000Official Journal L 78 of 29.03.2000

Commission Report COM (2001) 700 final - SEC(2001) 1745Not published in the Official Journal

Commission Report COM (2002) 700 final - SEC(2002) 1401Not published in the Official Journal

Commission Report COM(2003) 675 final - SEC(2003) 1202Not published in the Official Journal

Treaty of Accession to the European Union [Official Journal L 236, 23.09.2003]

Last updated: 19.11.2004