Nicosia:The decisions of the Eurogroup and the Economic and Financial Affairs Council (ECOFIN) should reflect the impact of energy developments on households and businesses, according to Minister of Finance Makis Keravnos.

According to Cyprus News Agency, Minister Keravnos emphasized his key priority as he traveled to Luxembourg for meetings on October 8 and 9, 2026, with the aim to ensure that the Eurogroup and ECOFIN decisions consider the energy impact.

He stated that Cyprus has requested a derogation on the excise duty on heating oil to help reduce costs for households, particularly during the winter months. Keravnos also noted that Cyprus, along with other EU Member States, is advocating for additional fiscal flexibility within the economic governance framework to better support citizens and businesses when necessary.

Minister Keravnos highlighted the need for the rules to evolve with the current realities, noting that the framework has adapted in the past when energy security was at risk.

On the topic of ECOFIN, he mentioned that the main agenda item is the market integration and supervision package. Keravnos believes that a more integrated European market for financial services will enhance business access to finance and bolster Europe's competitiveness.

He expressed Cyprus's commitment to contributing constructively to the Irish Presidency's efforts to reach an agreement, while also advocating for the consideration of unique characteristics of smaller markets like Cyprus. Keravnos concluded by emphasizing that Europe's competitiveness and citizen protection must progress together, which will be his approach in upcoming discussions.