ECB, EC See Cypriot Economic Recovery in 2015

ECB, EC See Cypriot Economic Recovery in 2015

The European Central Bank (ECB) and the European Commission expect Cypriot economy to recover in 2015, assisted by a smaller banking sector, according to ECB's executive board member of Joerg Asmussen.
Cyprus' economic activity would contract significantly this and next year, but the economy should improve in 2015, Greek business news portal Capital quoted Asmussen as saying.
"We only would expect - and this is a joint [EU] Commission, ECB perspective - the economy to rebound in 2015 under the assumption that a smaller and more resilient banking sector would be able to boost growth," Asmussen told the Economic and Monetary Affairs Committee of the European Parliament.
Both short- and medium-term macro risks, however, remain tilted to the downside, Asmussen added.


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