ECB welcomes Cypriot state’s rethink on central bank law
Law allows recapitalisation of central bank if necessary and clarifies powers to dismiss directors
The European Central Bank has welcomed plans by Cyprus to change the governance of the country’s central bank, after strongly criticising plans put forward last year.
The government now proposes draft amendments both to the law governing the central bank, and changes to the relevant articles of the constitution.
The ECB’s official opinion, dated June 21, welcomed the government’s decision to set the Central Bank of Cyprus’s capital at €150 million ($166.9 million). The draft law originally
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