Increasing public spending had contributed to a substantial deterioration of public finances in Cyprus over recent years. To address fiscal imbalances, the government introduced an initial set of fiscal reform’s in late 2012. However, additional measures are needed to ensure the sustainability of public finances. The size of the necessary adjustment will depend, among other things, on the magnitude of spillovers from financial sector restructuring.
Community fora in the Single Euro Payments Area, including in Austria, Belgium, Cyprus, Estonia, Éire/Ireland, Finland, France, Germany, Greece, Italy, Latvia, Luxembourg, Malta, the Netherlands, Portugal, Slovakia, Slovenia, and Spain.