Brussels: Finance Minister Makis Keravnos will travel to Brussels on Wednesday, July 8, to participate in the Eurogroup meeting on July 9 and the ECOFIN Council meeting on July 10.
According to Cyprus News Agency, on Thursday, July 9, Keravnos will engage in the Eurogroup meeting, where ministers plan to exchange perspectives on fiscal developments within the eurozone. The discussion will focus on the appropriate fiscal policy stance for 2027, which is essential for drafting national budgets. This exchange will be informed by a presentation from the European Commission and the European Fiscal Board. Additionally, the meeting will cover the international role of the euro, based on the European Central Bank's annual report.
In a subsequent expanded session involving all EU member states, the ministers will discuss the impact of emerging technologies on the financial sector. Particular emphasis will be placed on the implications of artificial intelligence for cybersecurity. The Eurogroup is expected to adopt a statement on digital finance, reflecting the ministers' views and aspirations for supporting the development of digital finance within the EU.
On Friday, July 10, Keravnos will participate in the ECOFIN Council, which will discuss the Market Integration and Supervision Package. This legislative proposal package, based on guidance from the Irish Presidency, aims to deepen the single market in the financial services sector, crucial for enhancing the competitiveness of the European economy. The Irish Presidency will also present its economic and fiscal priorities for the next six months, and ministers will discuss the economic impact of the Russian invasion of Ukraine.
The ECOFIN Council is anticipated to approve revised Recovery and Resilience Plans for several countries, including Lithuania, Cyprus, Finland, Luxembourg, Germany, Latvia, Slovenia, the Netherlands, and Hungary. As part of the 2026 European Semester, the Council is expected to adopt Country-Specific Recommendations and approve conclusions from the Macroeconomic Imbalance Procedure review.
Moreover, the Council will likely adopt recommendations for the Netherlands' revised Medium-Term Fiscal and Structural Plan and initiate an Excessive Deficit Procedure for Bulgaria. Finance ministers will also discuss Convergence Reports presented by the European Commission and the European Central Bank.
Finally, the Council will approve terms for the EU's representation at the upcoming G20 finance ministers and central bank governors meeting on August 31 and September 1. On the evening of July 9, ministers will attend a working dinner, at the invitation of the Eurogroup President, to discuss the connection between energy security, competitiveness, and economic resilience, alongside Finance Ministers from the United Kingdom and Norway.