Brussels: Cyprus' Finance Minister Makis Keravnos presented the programme of the Cyprus Presidency at the first meeting of EU finance ministers (ECOFIN) in Brussels, outlining the priorities for the next six months. 'An autonomous Union open to the world is the motto of our Presidency. Guided by this motto, we are committed to delivering an ambitious and impactful Presidency. We want to build momentum towards a thriving, more competitive Europe,' Keravnos stated.
According to Cyprus News Agency, Keravnos emphasized that Cyprus is assuming the Presidency amid global geopolitical shifts and uncertainties, with the European Union encountering multiple challenges. In the realm of economic and financial affairs, bolstering the European Union's economic autonomy and reinforcing its economic standing will be the core principles for the coming months.
Keravnos highlighted ECOFIN's specific role in shaping decisions, noting that finance ministers would arrive at concrete proposals within the political direction set by EU leaders. On legislative priorities, he stressed the intention to advance legislative work on the Savings and Investments Union (SIU) and make progress on the Capital Markets Union agenda, focusing on initiatives aimed at enhancing competitiveness and completing the EU banking sector's integration. In taxation, Cyprus will promote the EU programme for simplifying tax legislation, within broader efforts to strengthen competitiveness. The Presidency also aims to push forward legislative work toward a modernized Customs Union.
A central priority will be ensuring the EU continues to provide financial support to Ukraine. Keravnos stated that they are committed to ensuring Ukraine receives necessary and timely funding to support its defense and future reconstruction.
Keravnos informed the press of the approval of mainly technical, 'targeted amendments' to the Recovery and Resilience Plans of several EU countries to accelerate implementation. Regarding the European Semester, no member states were found to require in-depth macroeconomic reviews, and ECOFIN will continue monitoring the situation in countries identified with imbalances.
Keravnos also addressed Finland's excessive deficit procedure, noting its public deficit exceeded the Treaty limit and is forecasted to do so again. Finland is expected to report progress every six months until the excessive deficit is corrected by 2028.
In the informal Council meeting, ministers exchanged views on current economic challenges and political developments, including Greenland. Keravnos affirmed the EU's solidarity with Denmark and Greenland, emphasizing respect for international law and sovereignty principles.
European Commissioner for Economy Valdis Dombrovskis expressed confidence in strong cooperation with the Cyprus Presidency, welcoming the work programme's focus on competitiveness, defense, and the digital euro. He stressed the EU's need to act with unity and determination, particularly in enhancing competitiveness and defense capabilities.
On Ukraine, Dombrovskis referred to a proposed financial support package to strengthen Ukraine's fiscal sustainability and defense. He expressed the expectation that the legislative process will conclude by March, allowing first disbursements by April.
Addressing former US President Donald Trump's tariff threats, Dombrovskis maintained that priority should be given to European and Ukrainian producers for Ukraine's defense needs, with room for derogation if necessary.
In conclusion, Keravnos expressed condolences to the families of the victims of the tragic train accident in Andalusia, Spain, standing in solidarity with the Spanish people.