Governor, Central Bank Athanasios Orphanides of Cyprus

Orphanides is the fifth MIT-trained economist to head a central, or national, bank, according to James Poterba, head of MIT's department of economics.

Orphanides has said he was especially fortunate for the opportunity to attend Solow's renowned intermediate macroeconomics class as an undergraduate and to serve as Solow's teaching assistant in the same class as a graduate student.

A prolific author, Orphanides has written or co-written more than 40 articles on a variety of topics.

Except that this time Orphanides has dropped a neutron bomb on their heads.

Who cares about the Cyprus governor? Well, Orphanides is a 17-year veteran of the US Federal Reserve and just about the only member of the ECB council who has published scholarship of world renown.

CENTRAL Bank Governor, Athanasios Orphanides said yesterday the European Central Bank’s (ECB) decision to raise interest rates would ease inflation pressures in Cyprus.

Orphanides said the rate within the eurozone was likely to remain above 2.

Orphanides said the ECB had clear a target, which was primarily the maintenance of price stability in the euro area.

We cannot rule it out and indeed I do not think that a further easing of monetary policy under the circumstances should be considered unlikely, Mr Orphanides said in an interview with Reuters television.

Mr Orphanides said the positive side of the growth problems was that the inflation outlook had improved and speaking at an ECB conference in Frankfurt, ECB Executive Board member Juergen Stark said the financial market upheaval could hurt growth for an extended spell.

var RTR_ArticleBlurb = "NICOSIA (Reuters) - Slower euro zone economic growth this year will help ease inflation pressures, European Central Bank Governing Council member Athanasios Orphanides said on Tuesday.

But Orphanides said inflation was a concern at a euro zone level.

NICOSIA (Reuters) - Slower euro zone economic growth this year will help ease inflation pressures, European Central Bank Governing Council member Athanasios Orphanides said on Tuesday.

But Orphanides said inflation was a concern at a euro zone level as well as in Cyprus, noting high oil prices.

I do not want to go beyond July," Orphanides said in his first interview with an international news agency since Cyprus adopted the euro on Jan 1.

Orphanides said above-target inflation, and the risk of it shaping the public's longer-term price expectations, was the ECB's main worry, whereas growth should steadily recover after a sluggish second quarter.

Orphanides said he expected year-on-year inflation to fall below the ECB's ceiling of 2 percent in the second half of 2009, but declined to comment further due to the uncertainty of oil price and financial market moves.

Orphanides was equivocal when asked if the phrase "heightened alertness" in ECB statements would take on the role of "strong vigilance" -- previous code words signalling there would probably be a rate rise the next month.

08 The Governor of the Central Bank of Cyprus Athanasios Orphanides has said he believes the island's accession to the euro area has acted as a protection shield against the fallout of the current international financial crisis, In his message, to mark one year since joining the euro, he said the EU currency, which Cyprus adopted as its legal tender on January 1 last year, provides long-term opportunities and acts as a springboard for the right use of new prospects which open up further progress and development.

Frankfurt - The ongoing financial crisis would have impacted Cyprus to a much greater degree without the euro, European Central Bank Governing Council member Athanasios Orphanides said in an e-mailed statement on Wednesday.

NEW Central Bank Governor Athanasios Orphanides said yesterday his top priority in his new post would be the smooth introduction of the euro in Cyprus.

Addressing the special ceremony, Orphanides said the foundations for achieving the Central Bank’s aims were already strong thanks to the work of his predecessor.

Orphanides said the introduction of the euro was an extremely important step for Cyprus and would bring significant economic and political benefits.

NICOSIA, Oct 27 (Reuters) - Euro-zone inflation expectations have fallen significantly as a result of a slowdown in the economy and fall in the price of oil, European Central Bank Governing Council member Athanasios Orphanides was quoted as saying.

The ECB joined other central banks in cutting interest rates on Oct 8 but Orphanides said this did not alter the ECB's main goal.

Skip navigationpd_top('Story','html40','22483586','Orphanides: ECB Ready to Raise Rates if Needed','The European Central Bank would be ready to raise interest rates again if necessary, new ECB Governing Council member Athanasios Orphanides said in a German newspaper interview published on Thursday.

The European Central Bank would be ready to raise interest rates again if necessary, new ECB Governing Council member Athanasios Orphanides said in a German newspaper interview published on Thursday.

Recent Related Stories Morning Market Recap: Stocks Continue Slump, Euro Falls on Rate Cut 2 hour ago Danish Central Bank Cuts Lending Rate 75 bps Following ECB Rate Decision 2 hour ago Philly Fed's January Manufacturing Index Improves, Still in Deep Contraction 2 hour ago(CEP News) Frankfurt - The ongoing financial crisis would have impacted Cyprus to a much greater degree without the euro, European Central Bank Governing Council member Athanasios Orphanides said in an e-mailed statement on Wednesday.

June 10 (Reuters) - Inflation expectations are a primary consideration for central banks, especially when policy-makers face difficult choices, ECB Governing Council member Athanasios Orphanides said on Tuesday.

member Athanasios Orphanides said on Tuesday.

Recent Related Stories Morning Market Recap: Stocks Continue Slump, Euro Falls on Rate Cut 2 hour ago Danish Central Bank Cuts Lending Rate 75 bps Following ECB Rate Decision 2 hour ago ECB's Trichet Says Cut Takes Into Account Falling Inflation Pressures (Update2) 2 hour ago(CEP News) Frankfurt - In an interview with Reuters on Tuesday, European Central Bank Governing Council member Athanasios Orphanides said that the latest Ifo and PMI data would not influence the ECB's monetary policy and that the markets were correct in expecting a rate hike in July.

While the second quarter of 2008 will be the weakest in terms of economic growth in the euro zone, Orphanides said that growth was still at satisfactory levels.

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CEP News) - Athanasios Orphanides, president of the Cypriot central bank, said monetary policy can still be effective even if interest rates are at zero.

One of the key arguments in favour of low interest rates is the possibility of a deflationary cycle in the region, which Orphanides said is not a threat.