08/12/2004 15:56
At the meeting held on Tuesday, the Employers’ and Industrialists’ Federation (OEB) reviewed the changes in the companies after the adoption of the euro. According to an OEB announcement, the meeting dealt with “the economic repercussions and the repercussions on the strategic and operation of the companies that had to face competition, as well as the changes in the consumers’ purchasing behaviour”. It is noted that the Cyprus’ accession in the eurozone “will affect positively the companies and the economy in general and the country must join the Exchange Rate Mechanism 2 the soonest possible. The ERM2 is a significant tool that will contribute to the enforcement of the proper economic and monetary policy that will strengthen the island’s financial amplitude”.
Measure taking
On his speech, Central Bank Governor, Christodoulos Christodoulou said that the change in the currency entails significant changes not only for the companies but also on a national basis. “The abolition of restrictions, the full opening of the national market, the transparency and the comparability in prices are changes that will make environment more competitive”, the Governor said.
Mr. Christodoulou urged the Cyprus companies to review their strategic planning in the light of the new developments and adjust their processes so as to deal with the upcoming challenges from the change in the currency.
The meeting under the title “The importance of the euro in companies and economy” included presentations by Greek and Irish businessmen and was addressed by OEB Chairman, Viron Kranidiotis, the Finance Ministry General Manager, Christos Patsalides and the Head Executive Director of PricewaterhouseCoopers Cyprus, Fedias Pilides.
Measure taking
On his speech, Central Bank Governor, Christodoulos Christodoulou said that the change in the currency entails significant changes not only for the companies but also on a national basis. “The abolition of restrictions, the full opening of the national market, the transparency and the comparability in prices are changes that will make environment more competitive”, the Governor said.
Mr. Christodoulou urged the Cyprus companies to review their strategic planning in the light of the new developments and adjust their processes so as to deal with the upcoming challenges from the change in the currency.
The meeting under the title “The importance of the euro in companies and economy” included presentations by Greek and Irish businessmen and was addressed by OEB Chairman, Viron Kranidiotis, the Finance Ministry General Manager, Christos Patsalides and the Head Executive Director of PricewaterhouseCoopers Cyprus, Fedias Pilides.
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