Brussels, 08/04/2016 (Agence Europe) - On Thursday 7 April, the European Commission published an in-depth report on Cyprus, in which it notes that the country is still facing macro-economic imbalances which require specific monitoring.
Following its exit from the economic adjustment programme (see EUROPE 11522), Cyprus has joined the standard cycle of economic policy coordination under the 'European Semester' budgetary process. The Commission has therefore just published a national report regarding the country, assessing its situation in the context of the 'European Semester' and by virtue of the macro-economic imbalance procedure.
Cyprus' imbalances are still characterised by high public (108.2% of GDP) and private (348.3% of GDP) debt, according to the figures of the statistical office of the EU for 2015. Cyprus is also continuing to experience problems tackling non-performing loans. Tax and structural reforms need to be continued to ensure sustainable growth and healthy public finances and to bring the private sector out of debt, the Commission explains.
Cyprus is one of six member statesshowing imbalances of this kind, along with Bulgaria, Croatia, France, Italy and Portugal. (Original version in French by Didion Maëlle)