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Overworked: Cyprus Among The EU’s Heaviest Hit With Long Working Hours

In the European Union, working long hours is a reality for millions. While the EU average workweek stands at 36 hours, the figures vary significantly from country to country.

Eurostat defines “long hours” as 49 or more per week, a category that applies to 7.1% of the EU workforce. Among the EU countries, the highest rates of long working hours are seen in Greece (11.6%), Cyprus (10.4%), and France (10.1%).

The figures show a sharp contrast between self-employed individuals and employees, with 29.3% of the self-employed working long hours compared to just 3.6% of employees. Outside the EU, Turkey has the highest rate, with 27.2%, followed by Iceland with 13.8%.

Percentage of people working at least 49 hours a week

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Which Countries Have The Longest Working Week?

Turkey has the longest average working week at 44.2 hours, followed by Serbia (41.7 hours), Bosnia and Herzegovina (41.4 hours), and Greece (39.8 hours). The EU average, meanwhile, is 36.1 hours.

The sectors with the longest working hours are predominantly manual, with agriculture, forestry, and fishing leading the charge with an average of 41.5 hours per week, followed by mining and quarrying (39.1 hours), and construction (38.9 hours). Conversely, the shortest workweeks are found in the Netherlands (32.2 hours), Austria (33.6), and Germany (34.0).

Average working hours per week

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What’s The Situation In Cyprus?

In Cyprus, the working hours reflect a balance between the Mediterranean work culture and the global demand for productivity. With 10.4% of the workforce engaged in long hours (49 or more per week), Cyprus is among the countries with the highest rates in the EU. However, the overall average working week in Cyprus is relatively close to the EU average, standing at around 38.5 hours.

Similar to other EU countries, self-employed Cypriots are more likely to work longer hours compared to employees. Professions in sectors like agriculture, construction, and retail drive much of this statistic, as these industries often require extended working hours to meet demand.

Despite this, Cyprus has made strides in improving work-life balance, particularly in sectors outside of manual labor, where shorter working weeks are becoming more common. However, the island’s economic structure, heavily influenced by tourism and service industries, continues to push for longer working hours in certain areas, especially during peak seasons.

In conclusion, while Cyprus ranks high in terms of long working hours within the EU, ongoing efforts to modernize work practices and improve labor rights are expected to gradually alter the dynamics of work-life balance on the island in the coming years.

ECB Launches Geopolitical Stress Tests For 110 Eurozone Banks

The European Central Bank is preparing a new round of geopolitical stress tests aimed at assessing potential risks to major financial institutions across the euro area. Up to 110 systemic banks, including institutions in Greece and the Bank of Cyprus, will take part in the exercise, which examines how geopolitical events could affect financial stability.

Timeline And Testing Process

Banks are expected to submit initial data on March 16, 2026. Supervisors will review the information in April, while the final results are scheduled to be published in July 2026. The process forms part of the ECB’s broader supervisory work to evaluate financial system resilience under different risk scenarios.

Geopolitical Shock As The Primary Concern

The stress tests place particular emphasis on geopolitical risks. These may include armed conflicts, economic sanctions, cyberattacks and energy supply disruptions. Such events can affect banks through changes in market conditions, borrower solvency and sector exposure. Lending portfolios linked to regions or industries affected by geopolitical developments may face higher risk levels.

Reverse Stress Testing: A Tailored Approach

Unlike traditional stress tests that apply the same scenario to all institutions, the reverse stress test requires each bank to define a scenario that could significantly affect its capital position. Banks must identify a geopolitical shock that could reduce their Common Equity Tier 1 (CET1) ratio by at least 300 basis points. Institutions are also expected to assess potential effects on liquidity, funding conditions and broader economic indicators such as GDP and unemployment.

Customized Risk Assessments And Supervisor Collaboration

This methodology allows banks to submit risk assessments based on their own exposures and operational structures. The approach is intended to help supervisors understand how geopolitical events could affect institutions differently and to support discussions between banks and regulators on risk management and contingency planning.

Differentiated Vulnerabilities Across Countries

A joint report by the ECB and the European Systemic Risk Board indicates that countries respond differently to geopolitical shocks. The Russian invasion of Ukraine led to higher energy prices and inflation across Europe, prompting central banks to raise interest rates. Belgium, Italy, the Netherlands, Greece and Austria experienced increases in borrowing costs and lower investor confidence. Germany, France and Portugal recorded more moderate changes, while Spain, Malta, Latvia and Finland showed intermediate levels of exposure.

Conclusion

The geopolitical stress tests will not immediately lead to additional capital requirements for banks. Their results will feed into the Supervisory Review and Evaluation Process (SREP). ECB supervisors may use the findings when assessing capital adequacy, risk management practices and operational resilience at individual institutions.

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