Praise for Cyprus by ECB executive

Philip R. Lane, member of the Executive Board and chief economist at the European Central Bank (ECB), said he is pleased to witness the significant progress of the Cypriot economy.

He was speaking after meetings on Wednesday at the start of his visit to Cyprus that concluded on Thursday, following an invitation from the governor of the Central Bank of Cyprus, Constantinos Herodotou.

A Central Bank press release said Lane met on Wednesday with Herodotou and the two men "discussed Cyprus' economy, as well as the broader euro-area economic outlook."

Lane said he had "very productive meetings with Governor Herodotou and the speaker of the House of Representatives, Annita Demetriou." "I am pleased," he added, "to witness the significant progress of the Cypriot economy."

At the same time, he underlined "the excellent cooperation the ECB has with the Central...