On July 1, one of the EU's smallest states and most recent members -- the Republic of Cyprus -- assumed the six month presidency of the E.U. With a U.S. Presidential election upon us, it is hard to fathom how a country with a population of under one million can be relevant for the rest of 2012. Make no mistake about it: Cyprus' turn at the helm of the E.U. will be as consequential as any presidency worldwide for the rest of 2012.
There are three reasons why Cyprus' presidency will be of such great consequence. The first has to do with the governance of the E.U. During Cyprus' presidency, there will be more than 60 ministerial meetings, two meetings of heads of states or government and 1,500 working groups in Brussels. Beyond the Brussels-based meetings, it is estimated that there will be 45,000 visitors to Cyprus, which will host close to 300 meetings. Finally, there will be 15 informal ministerial meetings, 180 meetings of working groups and about 100 meetings of NGOs and interest groups under the auspices of this presidency.