Larnaca Emerges As Hub For Maritime Research With New Tepak Marine Sciences School

by THEFUTURE.TEAM

November 14, 2025

The Larnaca Chamber of Commerce and Industry (Evel) has hailed the government’s recent decision to establish the Cyprus University of Technology’s (Tepak) new School of Marine Sciences in Larnaca. Described by the chamber as a milestone achievement, this initiative not only addresses a long-standing local demand but also promises to elevate the city’s academic and economic profile.

Government Vision And Academic Decentralisation

In a formal announcement, Evel expressed its strong support, noting that the decision marks a significant step toward making Larnaca a center for marine research, innovation, and education. The move aligns seamlessly with the government’s broader strategy to decentralise higher education and forge stronger links between innovative research and economic development. Deputy Minister to the President Irene Piki underscored this point when she announced the decision, emphasizing the new chapter that this development represents for the city and university education at large.

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Collaborative Endeavors For Regional Growth

Evel reiterated its commitment to partnering with all relevant stakeholders to ensure the school’s successful integration into Larnaca’s educational landscape. The Chamber views the new institution as a catalyst for regional sustainable growth, poised to harness Cyprus’ strategic coastal advantages alongside Tepak’s expertise in applied sciences. Education Minister Athena Michaelidou is expected to bring the necessary legislation before parliament, solidifying the regulatory framework that will support the institution’s launch.

A New Chapter In Maritime Expertise

Operating under the auspices of the Cyprus University of Technology, the School of Marine Sciences will focus on marine research, technological innovation, and sustainable development. This initiative is anticipated to transform Larnaca into a dynamic center of academic activity and maritime know-how, offering significant long-term benefits not only for the city but for the broader region as well.

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Digital Euro Moves Forward In EU Push For Payment Independence

by THEFUTURE.TEAM

April 28, 2026

Strengthening Strategic Autonomy

At an event held at the House of the Euro in Brussels on April 22, central bank officials discussed the role of a digital euro in strengthening the European Union’s financial independence. Participants included Stelios Georgakis, Payments Supervision Director at the Central Bank of Cyprus, and Joachim Nagel, President of the Deutsche Bundesbank.

Redefining Central Bank Role In A Digital Era

Nagel stated that the digital euro is no longer viewed solely as a technical development but also as part of a broader policy direction. He emphasized the need to strengthen Europe’s payment infrastructure to ensure resilience and independence. The digital euro is intended to complement cash rather than replace it, maintaining the role of central bank money in a more digital financial system.

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Reducing Dependence On Non-European Infrastructure

According to Nagel, around two-thirds of card payments in Europe currently rely on non-European systems. This reliance is seen as a structural vulnerability. A digital euro could help reduce this dependency by supporting a more integrated and locally controlled payments framework.

Legislative Roadmap And Timeline

Looking ahead, Nagel expressed a strong optimism regarding the legislative process, suggesting that completion could occur by year‑end. This progress may set the stage for the first issuance of the digital euro as early as 2029, in alignment with Europe’s broader ambitions for financial resilience and technological advancement.

Comprehensive Payments Strategy

During the discussion, Georgakis outlined the European Central Bank’s approach to payments. The strategy combines retail and wholesale systems, including instant payments, a digital euro, and infrastructure based on distributed ledger technology. Improving cross-border payment efficiency remains a key objective.

Transforming Europe’s Financial Landscape

The discussion reflected alignment between central banks, policymakers, and other stakeholders on the direction of Europe’s payment systems. Development of a digital euro is positioned as part of a broader effort to strengthen financial infrastructure, support economic resilience, and maintain the euro’s role in a changing global environment.

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