ECB meeting this week in Cyprus

Nineteen central bank governors from European Union countries are expected to arrive in Cyprus on Tuesday. The Governing Council of the European Central Bank decided to hold its non-monetary policy meeting in Cyprus, scheduled for Wednesday and Thursday, and to be chaired by ECB President Christine Lagarde.

This is the second time this year that Lagarde has visited Cyprus. The last visit was on March 29, when she accepted the invitation of Central Bank of Cyprus Governor Constantinos Herodotou. 

Every year the ECB council chooses a city outside of Frankfurt where central bank governors can meet to discuss issues other than monetary policies. 

The fact that Cyprus was chosen as the venue for this annual meeting of the ECB is of major importance for the country and a nod to the efforts of CBC Governor Herodotou, especially in the aftermath of the 2013 haircut and the scandalous “golden passport” investment scheme, terminated by the European Union due to the many conflicts of interest raised.

The meeting is scheduled to take place in Limassol.