In the first report published by the technical assistance group specifically established by the European Union for Cyprus, senior EU officials stated that Cyprus is actively fulfilling and implementing necessary economic reforms. Olli Rehn, Vice-President of the European Commission responsible for Economic and Monetary Affairs, stated that the reform measures stipulated in the financial assistance and adjustment program for Cyprus are designed to help the country repair its financial sector, restore public finances, and implement vital economic reforms while protecting vulnerable groups.
He noted that Cyprus is carrying out economic reforms with firm determination and a commitment to its promises, and the European Commission will continue to support the people of Cyprus, which is a concrete manifestation of EU solidarity. This support group was launched by the President of the European Commission in March 2013, with the aim of coordinating all the technical support required by the Cypriot side in implementing specific reforms, mitigating the negative social effects caused by the economic downturn, and revitalizing and developing a diversified economy.
