Limassol: Following the conclusion of the meetings of the Executive Committee and the Board of Directors of the European Banking Federation, positions were outlined to simplify the regulatory framework by streamlining supervision to liberalize banking operations, to gradually implement the digital euro with strict limits and careful management to protect deposits, to leverage existing private payment standards, and to address fraud and the risks of Artificial Intelligence (AI) through a collective approach involving telecommunications and online platforms.
According to Cyprus News Agency, following the conclusion of the Board meeting, the Chairman of the Board of the European Banking Federation, Slawomir Krupa, said that 'we must enact profound changes that reflect our strategic priorities for Europe's growth and leadership and translate these choices into concrete technical changes in regulation and supervision. European banks are ready to cooperate and support all European individuals, companies, and authorities in addressing the most pressing challenges of our time.'
It is noted that the official guest at the dinner held on the evening of Thursday, May 21, was the Minister of Labour, Marinos Mousiouttas, who represented the President of the Republic, who was on an official visit to India.
As stated, in his address, Mousiouttas highlighted the steady path of recovery the Cypriot economy has been on in recent years, as well as the dramatic improvement and consolidation of the domestic banking sector, and underscored the crucial role banks play in the country's continued economic growth.
It is added that during the dinner, brief addresses were also delivered by the chairmen of the boards of directors of the European Banking Federation, Slawomir Krupa, and the Cyprus Bankers' Association, Panicos Nikolaou.
The successful organization of the EBF's proceedings in Cyprus confirms the outward-looking nature of the Cypriot banking system and its active participation in the decision-making centers that shape the future of the European economy, the press release concluded.