Nicosia: Minister of Finance, Makis Keravnos, will chair the Eurogroup meeting during which elections will be held to choose the new President, on Thursday, in Brussels. On Friday, he will participate in the ECOFIN proceedings, focusing on the Strategy for the Savings and Investment Union and discussions on the digital euro.
According to Cyprus News Agency, the candidates for the Eurogroup presidency are the Greek Minister of National Economy and Finance, Kyriakos Pierrakakis, and the Belgian Budget Minister, Vincent Van Peteghem. During the meeting, the Ministers will also engage in discussions with representatives of the International Monetary Fund, addressing the economic challenges and policies within the euro area. This will be succeeded by a dialogue on the macroeconomic developments and fiscal prospects of the Eurozone, drawing from the European Commission's evaluation of member states' budget plans for 2026.
On Friday, the Minister will join the ECOFIN Council proceedings, which will commence with discussions on the legislative proposals recently introduced by the European Commission as part of the Strategy to establish the Savings and Investment Union. The European Commission will initially present proposed measures for enhancing financial infrastructures and overseeing capital markets within the Union. Following this, it will offer recommendations to Member States concerning the revision of supplementary pensions, aiming to improve EU citizens' retirement savings, stimulate capital markets, and bolster the EU economy. Subsequently, the Ministers will be briefed by the Presidency on the progress of negotiations regarding the introduction of the digital euro.
The press release also indicates that the Presidency will inform the body about the outcomes of negotiations with the European Parliament on the reform of the Customs Union. The Ministers will then assess temporary arrangements set to last until the end of 2027, concerning the abolition of the duty exemption on imported products valued at under 150 pounds, based on a proposal by the European Commission.
In pursuit of simplifying procedures and legislative regulations, the Ministers will exchange views on the economic impact of European legislation on businesses and the public sector, utilizing a discussion paper prepared by the Danish Presidency. Moreover, the Ministers will approve Council Conclusions related to the simplification of the regulatory framework in financial services.
Additionally, as part of the 2026 European Semester for coordinating economic policies within the EU, the Ministers will deliberate on the Alert Mechanism Report and the policy recommendation for the euro area. They will then sanction amendments to the national Recovery and Resilience Plans of Cyprus, Latvia, Austria, Greece, Czechia, Slovenia, Malta, France, Poland, and Portugal.
The proceedings will culminate with the presentation of the annual report of the European Court of Auditors on the implementation of the EU budget for 2024. On Thursday evening, the Minister of Finance will attend a working dinner organized by the Danish Presidency, focusing on the continuation of financial support for Ukraine.