Panicos Demetriades is Professor of Financial Economics at the University of Leicester. Between May 2012 and April 2014, he served as Governor of the Central Bank of Cyprus and a member of the Governing Council of the European Central Bank. As Governor of the Central Bank of Cyprus, he oversaw a major restructuring and recapitalization of the Cypriot banking system and participated in discussions that led to the establishment of the Single Supervisory Mechanism in the euro area. His insights into the banking crisis in Cyprus have been published as Diary of the Euro Crisis in Cyprus: Lessons for Bank Recovery and Resolution (2017).

1. Central bank roles: historical context2. Central bank independence in Europe: origins, scope and limits3. Crisis management and legitimacy4. The ECB's policies during the crisis5. Whatever it takes6. Banking union7. Small countries and why they matter8. Political money laundering9. Can the erosion of central bank independence be reversed?