The EU has moved closer to a €17.5 billion bailout for Cyprus after the Mediterranean island on Monday (4 March) agreed to audit its banks to assess implementation of anti-money-laundering rules.
Following the meeting of eurozone finance ministers, Eurogroup President Jeroen Djisselbloem said it is his "understanding" that a private company will undertake the investigation.
But for their part, Cypriot officials have indicated it will be carried out by Moneyval, an intergovernment...
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Benjamin Fox is a seasoned reporter and editor, previously working for fellow Brussels publication Euractiv. His reporting has also been published in the Guardian, the East African, Euractiv, Private Eye and Africa Confidential, among others. He heads up the AU-EU section at EUobserver, based in Nairobi, Kenya.