The new team will work closely with the Cypriot authorities and provide technical expertise to underpin the implementation of the economic adjustment programme, agreed in April between Cyprus, the European Commission, the ECB and the IMF.
The Support Group will help to alleviate the social consequences of the economic shock by mobilising EU funds and support the Cypriot authorities' efforts to restore financial, economic and social stability. Moreover, it will bring in expertise to facilitate the emergence of new sources of economic activity.
The general coordination of the Support Group, the staff of which will be based in Brussels and Nicosia, will be ensured by Commission Vice-President Olli Rehn, who is responsible for Economic and Monetary Affairs and the Euro. To deliver a broad range of expertise, the Support Group will draw on contributions from all relevant Commission services, as well as from Member States. It will be headed by Mary McCarthy, advisor in the Directorate-General for Economic and Financial Affairs.
Source: EXME 13 / 19.06
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