The global economic crisis, fortunately, has not affected the banking system of Cyprus, said Cypriot President Demetris Christofias, on March 1, while speaking at in an informal Meeting of EU Heads of State and Government. The meeting was summoned by the Czech Presidency of the European Union to discuss the current economic situation and the European Recovery Programme, in light of the Spring European Council on March 19 - 20. The Meeting was held in Brussels and attended also by the European Commission President Jose Manuel Barroso and the European Central Bank President Jean Claude Trichet.

He also pointed out that in the case of state intervention there should be assurances that banking institutions would proceed to the necessary structural changes and act in a way that ensured the interests of taxpayers. Referring to the impact of the economic crisis on the field of employment, Christofias cited the measures adopted by the Cyprus Government aimed at dealing with the economic crisis affecting the tourism and construction industries in particular.

The EU-27 exchanged views on, inter alia, improving coordination regarding the implementation of national recovery plans, in accordance with the guidelines set by the European Council of December 2008, so that the EU acts in a coordinated manner within the framework of the Single Market and EMU.