the euro area as well as cyprus have reached the pre - pandemic real gdp level within 2021, while a similar path has been recorded in the labour dynamics with the labour force participation having reached pre - pandemic levels. this has been achieved by the formulation of ample policy support. the ecb took a series of policy decisions aimed at achieving favourable financing conditions and alleviating the economic hit on households and businesses. more specifically, the ecb enhanced its asset purchase programme ( app ) with the introduction of the pandemic emergency purchase programme known as pepp, the size of which was 1. 85 trillion euros, in order to lower borrowing costs and re - establish 1 / 3 bis - central bankers'speeches favourable financing conditions within the eurozone. focusing on cyprus, the total amount of net asset purchases in government bonds reached €6, 86 billion euros at the end of february, 90 % of which was purchased by the cbc. at the pepp announcement, amid severe market fragmentation, the cyprus 10 year sovereign bond yield increased to 2, 21 % while within a quarter of these eurosystem bond purchases dropped by 1, 25 % ( reaching 0, 96 % in june ), exemplifying the benefits of these purchase programmes. furthermore, the cypriot banking system benefited from the use of tltro iii, as well as from the easing of macro prudential measures, in order to support access to credit. it should also be noted that through the explicit assurance to maintain supportive monetary policy for as long as needed, through our monetary policy forward guidance, the ecb is decisively strengthening the efforts to boost economic activity. turning to the current challenge that we are faced with, the russian invasion of ukraine has moderated expectations of a continued strong gdp expansion in the eurozone and cyprus, at least in the short - term. there is increased uncertainty about the economic impact, owing to the length and breadth of the conflict, the degree of severity of currently enacted sanctions and the extent of possible economic retaliation by russia. against this background, the world economy is experiencing a double hit by complex supply and demand shocks. economic impact in cyprus is expected to be channelled through the foreseen surge in oil prices, the trade in goods and services, such as minerals of oil and fuel, cereals, tourism, transportation and it services, and a negative impact on a specific part of professional services ( lawyers and accountants ), while significant confidence effects cannot be ruled out. a

plays a primary role in combating desertification, ensuring that soil retains its nutrients and water resources, but it is also an essential tool for reducing greenhouse gases. 6 tarantola a. m. ( 2010 ), crescita economica, benessere e sostenibilita della domanda di energia, remarks addressed to the istituto giuseppe toniolo di studi superiori, naples, 20 january. www. rachelcarson. org. meadows d. h., randers j., meadows d. l. and w. w. behrens ( 1972 ), the limits to growth : a report for the club of rome's project on the predicament of mankind. nordhaus w. d. ( 1992 ), lethal model 2 : the limits to growth revisited, brookings papers on economic activity, economic studies program, the brookings institution, vol. 23. www. greenbeltmovement. org. about one - fifth of green house gas emissions are linked to deforestation. as a result, reforestation has become a means of reducing the concentration of climate - altering gases, and whose centrality is witnessed by maathai demonstrated that managing common resources, such as the environment, does not necessarily have to lead to over - exploitation, to the “ tragedy of the commons ” as prophesied by garrett hardin. the economist elinor ostrom found evidence to support this outcome in her research on institutional economics. ostrom was awarded the 2009 nobel prize in economic sciences, the first woman ever to win in this category, for her work on economic governance. 1. women and the environment in developing countries in industrialized countries, women have made important contributions in raising our environmental consciousness. in developing countries, however, where rural communities are still prevalent, women remain in a condition of profound dependency on their surrounding environment ; women are often responsible for activities essential for family subsistence : collecting water and firewood and working in the fields. 7 for this reason, environmental degradation, and the effects of climate change on the availability of water resources and crop yields, particularly hurt women. migration owing to climate change, 8 which primarily affects men, further increases the burden of toil for women. moreover, women and children account for the majority of victims in environmental catastrophes, 9 the frequency of which could increase in the future because of global warming. it is emblematic that the millennium goals place side - by - side the objectives of