In the EU (European Union), Cyprus’s problems aren’t new. Ten years later, the same debate is being held all over again, just from a different point of iew. It is emblematic of this current financial crisis because the banking system is much bigger than GDP (Gross Domestic Product). Setting aside the sluggish economic performance, as well as the usual gap between northern and southern regions, people are uncomfortable with the EU. Getting the EU to finance a deficit is very tempting because it seems to be a politically and socially painless option, but can we count on the EU to devise such a smoothly running system? Cyprus is interesting on many levels, from the debate concerning the limits of cohesion policy to the need of finding new solutions for the European periphery. It raises the question of whether a real fiscal and political union is possible, in light of the actual geoeconomic and geopolitical dynamics among the EU, Turkey, and Russia. The aim of this paper is to explore the possible mechanisms for an integration of Cyprus in order to go beyond fiscal burden sharing. It is an important starting point to paving the way to new policies and strategies for changing the objectives of economic convergence.

Cyprus, the European Union and the Recent Crisis: Inspiration for New Processes of Convergence or Incentive for Regional Disparities?

EPASTO, Simona
2013-01-01

Abstract

In the EU (European Union), Cyprus’s problems aren’t new. Ten years later, the same debate is being held all over again, just from a different point of iew. It is emblematic of this current financial crisis because the banking system is much bigger than GDP (Gross Domestic Product). Setting aside the sluggish economic performance, as well as the usual gap between northern and southern regions, people are uncomfortable with the EU. Getting the EU to finance a deficit is very tempting because it seems to be a politically and socially painless option, but can we count on the EU to devise such a smoothly running system? Cyprus is interesting on many levels, from the debate concerning the limits of cohesion policy to the need of finding new solutions for the European periphery. It raises the question of whether a real fiscal and political union is possible, in light of the actual geoeconomic and geopolitical dynamics among the EU, Turkey, and Russia. The aim of this paper is to explore the possible mechanisms for an integration of Cyprus in order to go beyond fiscal burden sharing. It is an important starting point to paving the way to new policies and strategies for changing the objectives of economic convergence.
David Publishing Comapany
Internazionale
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Utilizza questo identificativo per citare o creare un link a questo documento: https://hdl.handle.net/11393/217384
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