NICOSIA Hard work, flexibility, programming are the key to a successful EU Council presidency, Minister of Finance Vassos Shiarly has said, expressing at the same time his optimism for Cyprus’ presidency due to begin on July 1.

Speaking during a press conference where the main issues the Ministry of Finance will have to deal with during the Cyprus EU presidency were presented, Shiarly said that “it is an opportunity for the promotion our country and to prove that we can be successful not only in dealing with fiscal issues but also in handling a part of the EU”.

He said that a basic aim of the presidency will be the effective implementation of decisions taken at EU level in order to deal with the global crisis, the fiscal adjustments that need to be made, the consolidation of the banking sector, rescue funds to be provided to vulnerable economies, the promotion of growth and the creation of jobs.

The Cyprus presidency will have to deal with all issues it ‘inherits’ from the Danish presidency the exact nature of which will become clearer towards the end of the six monthly term combined with any initiatives Cyprus itself undertakes and the European Commission new initiatives.

Shiarly pointed out that nothing remains the same, highlighting the fact that the Cyprus presidency will have to show “flexibility so that we can adjust to circumstances as they evolve during our presidency”.

“The message is crystal clear”, he noted, “hard work, flexibility and programming (are needed)”.

He added that is “optimistic that a lot of work has been accomplished and in the end we will make it”.

Shiarly praised Ministry officials for their excellent work so far saying that their hard work is what makes him optimistic that the presidency will be successful.

Replying to questions on Cyprus’ positions on various European issues which are due to be dealt with during the Cyprus presidency such as the subject matter of ‘firewalls’ and the financial transactions tax, the Cypriot minister recalled that as the country in charge of the presidency the Republic will be called upon to express the will of all 27 EU member states.

However, as regards specifically the matter of the ‘firewalls’ he said Cyprus’ position so far is a positive one.

“We believe in this principle because an institution of stability ought to exist”, he noted.

Asked what will the Republic do if Turkey continues to pursue a challenging policy towards it during the Cypriot EU presidency, he said that if such an occasion arises then it will be dealt with in cooperation with all European partners.

He reiterated however that that decision will be taken in the context of the EU. Cyprus, he added, will be represented and will be able to express its position separately.

Cyprus was divided in 1974, when Turkey invaded and occupied its northern third. UN led talks have been underway with a view to reunite the island under a federal roof.

The Republic of Cyprus, an EU member state since 2004, is due to undertake the six monthly rotating EU Council presidency on July 1. Turkey an EU candidate member which does not recongise the Republic of Cyprus has threatened to freeze its relations with the EU during the second half of 2012.

Director of Economic Studies and EU Affairs of the ministry Andreas Charalambous gave a more detailed presentation of the matters the ministry will have to deal with during the last six months of 2012.

Among others, the Cyprus presidency will have to follow the implementation of the Growth and Stability Pact and the so called “Two-Pack” agreement on enhanced oversight of problem ridden countries.

During the Cyprus presidency, the integration of the new so called “Compact Treaty”, which increases economic and monetary coordination of signatory member states and introduces an obligation for balanced budgets, is also due to take place.