I would like to thank Governor Orphanides for his invitation and warm welcome, as well as the Central Bank of Cyprus, which has organised this event in close cooperation with the Chamber of Commerce and Industry, the School of Economics and Management of the University of Cyprus, and the Association for Social Reforms (OPEK).
3 Monetary policy and economic developments in the euro area The time is right for reforms in Europe. John F Kennedy said that “the best time to repair the roof is when the sun is shining”. Jean-Claude Juncker quoted these famous words when he presented the Commission’s reform proposals. And we can definitely say the sun is currently shining.