The Cyprus Economic Policy Review is published bi-annually by the Economics Research Centre of the University of Cyprus. The objective of the Review is to publish high quality papers on European and Global economic issues of interest to Cyprus, appealing to a broad audience of policymakers and practitioners. The Economics Research Centre of the University of Cyprus (CypERC) is an independent non-profit research institution aiming at high quality policy-oriented research in economics. While emphasis is placed on subjects concerning the Cyprus economy, research at CypERC has a broad perspective and aims at results of high academic standards with wide international interest. The CypERC operates as an autonomous unit in the Department of Economics of the University of Cyprus. Its Director is elected among the senior staff of the Department of Economics and has overall responsibility for administration and research supervision.