Cyprus Pushes Forward In Schengen Accession: Key Developments And Next Steps

by THEFUTURE.TEAM

December 20, 2024

Foreign Minister Constantinos Kombos chaired a ministerial meeting to review Cyprus’ progress toward joining the Schengen area. Attended by senior officials, including Ministers of the Interior, Justice, and Transport, as well as Deputy Ministers for Immigration, Social Welfare, and Tourism, the meeting aimed to assess the implementation of the European Commission’s recommendations.

Foreign Minister Kombos highlighted the steps taken to meet EU criteria and reaffirmed Cyprus’ commitment to effective border management. In his message to newly appointed EU Commissioner for Home Affairs and Migration Magnus Brunner, Kombos emphasized Cyprus’ dedication to Schengen membership.

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A key development was the creation of a Schengen Task Force within the Ministry of Foreign Affairs to enhance coordination between ministries and responsible services.

The meeting focused on six critical areas of compliance: personal data protection, police cooperation, external border control, returns, visas, and the Schengen Information System (SIS). Progress was reviewed, and challenges requiring immediate attention were identified.

To accelerate progress, a roadmap was established with a monitoring mechanism to track implementation. Ministries and deputy ministries were instructed to resolve outstanding issues in the coming weeks, with a follow-up review meeting scheduled for the end of February.

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Bank Of England Holds Rates At 3.75% In Split Vote As Inflation Risks Rise

by THEFUTURE.TEAM

September 17, 2026

The Bank of England kept its benchmark interest rate at 3.75% on Thursday, but the decision was not unanimous. In a 6-3 vote, the Monetary Policy Committee kept rates unchanged, while three members backed a 25-basis-point increase to 4%. Renewed energy price pressures have added to concerns that inflation could remain elevated.

Inflation Pressures Remain

Policymakers said inflation “is likely to rise further over coming quarters,” citing higher and more volatile crude oil and refined energy prices since the conflict began.

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So far, there has been “little evidence” of significant second-round effects, such as broader wage and price increases. Inflation risks, however, are now “tilted to the upside” and have increased since the July Monetary Policy Report.

Energy Prices Add To Inflation Risks

Brent crude has risen 36% since July, reaching $106 a barrel on Sept. 14, while UK wholesale gas prices increased 78% to 207 pence per therm.

Higher energy costs can feed into transport, production and household expenses, raising costs across supply chains. Refinery pressures have also pushed crack spreads, the difference between refined fuel and crude prices, well above pre-conflict levels.

Economy Shows Resilience

Despite the inflation risks, UK economic activity has held up slightly better than the Bank expected. A softer labor market and higher borrowing costs are expected to help reduce inflation over time.

Previous monetary tightening is still working through the economy, according to policymakers. So far, the latest energy shock has not produced clear evidence of a broader wage-price spiral.

Major Central Banks Take Different Paths

The decision comes during a busy period for global monetary policy. The Federal Reserve raised rates Wednesday to 3.75%-4% in its first increase since 2023, while the European Central Bank recently lifted its deposit rate to 2.5%.

The Bank of Japan is due to announce its decision Friday, with markets expecting a rate increase. Thursday’s split vote shows that pressure for tighter policy remains within the Bank of England’s Monetary Policy Committee.

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