Safe driving requires that you look ahead, but also that you keep an eye on the rear view mirror: assessing the future with a clear understanding of the past, learning from the past because it may creep up on you. From its beginnings over 60 years ago as a coal and steel community, the EU has managed to transform itself into a political and economic union based on the idea that democracy, rule of law and respect for human rights not only foster peace, but are also conducive to development and prosperity. The EU's 2004 enlargement - its biggest in scope, during which Cyprus also became a member - demonstrated to the world that Europe was determined to be vocal and a source of inspiration throughout the European continent, and also beyond.
In our increasingly interdependent world, the global economic crisis has adversely affected Europe and the eurozone states, revealing that the multifaceted problems that had arisen could not be dealt with at national level. The crisis has taught us an invaluable lesson: we need more Europe.
"The crisis has taught us an invaluable lesson: we need more Europe"
Resolving the sovereign debt crisis is an essential condition if the EU is to move forward. The crisis has led Europe into a phase of hibernation, introspection and self-questioning. Despite the divergent views among the member states as to the way forward, steps are being taken in the right direction. There is agreement on the need for more robust financial regulations, and for developing rules and institutions that address our problems and avoid the pitfalls of the past. Our efforts are focused on making the EU and its institutions more accountable, more transparent and more effective for the benefit of its citizens. We should not be afraid of change. The Lisbon treaty was one example of correcting past problems, as it addressed the democratic deficit issue by strengthening the democratic tradition of the European Union and making the European parliament a co-legislator on the vast majority of legislation. This is an example that shows how a solid future is based on a concrete understanding of history, and on correcting mistakes of the past.
In relation to this, Cyprus, as a member state, has learnt and accomplished a lot since entering a financial adjustment programme in the spring of 2013. Despite its difficulties, Cyprus is now in a position where the forecasts are indicating that its economy is slowly but assuredly back on track. Furthermore, the financial sector is also showing signs of stabilisation in terms of deposit outflows, and its restructuring is on the right path. These positive developments are recognised by the troika (the ECB, the European commission and the IMF) and international credit rating agencies.
It is also my personal belief that only through the judicious application of the financial adjustment programme can foreign investors' confidence be restored in the Cypriot economy and ensure that in the near future, Cyprus will have completely overcome the adverse effects of the economic crisis. I also hope that with new institutions and mechanisms in the European Union dealing with the problems that have become apparent due to the crisis, we will be able to better protect member states, and therefore the European Union as a whole, so that our peoples can weather all potential economic storms ahead.
The discovery of natural gas reserves in Cyprus' exclusive economic zone holds a dynamic promise for the development and future prospects of our island's economy by creating tremendous prospects for investments and cooperation in the energy sector and auxiliary services. It is also a most encouraging development in terms of energy cooperation, requiring all countries in the region of the Levantine basin to work together, bilaterally and regionally.
My government's energy policy decisions are considered in terms of their larger impact on the energy security of Cyprus, the European Union, as well as our geographic neighbourhood, in full acknowledgement of the fact that the decisions taken today will have a decisive effect on the EU's future as well as that of the eastern Mediterranean, by providing an alternative energy corridor for Europe, a diversified energy portfolio and increased energy security.
In closing I wish to state that within the framework of my vision for Europe for the next five years, I will include a very personal one, one with which I am sure all Europeans will agree: a vision that a reunified Cyprus, where Greek Cypriots and Turkish Cypriots can once again enjoy a prosperous future, will be a beacon of peace and stability, to the benefit of all Cypriots, as well as to the benefit of our European family, the eastern Mediterranean and the world.