The non-monetary policy meeting of the Governing Council of the European Central Bank is taking place on Wednesday in coastal Limassol with an informal gathering to follow on Thursday.
Central Bank of Cyprus governor Constantinos Herodotou is the host of the meeting which is considered very important due to the crucial situation in the European economy.
At the same time, it is ECB President Christine Lagarde’s second visit to Cyprus within months.  She had visited the island in March at the invitation of Herodotou and also held talks with President Nicos Anastasiades.
The attendance of all the governors of the 19 eurozone countries in Cyprus at a time of so many challenges for the European economy is particularly important for the island, according to insiders.
Eurozone inflation zoomed past forecasts to hit 10.0% in September, a new record high that will probably see another jumbo interest rate hike this month from the European Central Bank.
At the same time, inflation is still driven mainly by volatile energy and food prices.
