Luxembourg: The Minister of Finance, Makis Keravnos, is set to travel to Luxembourg on Wednesday, 18 June, to take part in significant discussions during the Eurogroup and ECOFIN Council meetings scheduled for 19 and 20 June.
According to Cyprus News Agency, on Thursday, 19 June, the Minister will engage in the Eurogroup meeting, where ministers are expected to exchange views with representatives from the International Monetary Fund (IMF) regarding the coordination of economic policies within the Eurozone. A pivotal topic on the agenda is the approval of a recommendation for Bulgaria to adopt the euro on 1 January 2026.
In a wider format that includes finance ministers from all EU Member States, the IMF will present an analysis aimed at enhancing the competitiveness and productivity of the European economy. Additionally, the ministers will receive updates from the European Commission and the European Central Bank concerning the progress on the implementation of the Digital Euro.
On Friday, 20 June, Keravnos will attend the ECOFIN Council, which will commence with a presentation on the developments concerning the reform of the Customs Union. The ministers are also set to deliberate on strategies to reduce energy prices to bolster competitiveness, based on a guidance document prepared by the Polish Presidency. Furthermore, discussions will include the European Semester Spring Package, a mechanism for coordinating the economic policies of EU Member States, following a presentation by the European Commission.
The Council is also expected to adopt recommendations related to the medium-term fiscal and structural plans of Belgium and Bulgaria, and address the excessive deficit procedure for Belgium and Romania. The examination of the Convergence Reports from both the European Central Bank and the European Commission is also on the agenda, along with the anticipated adoption of recommendations regarding Bulgaria’s accession to the euro area.
Additionally, the ECOFIN Council will be updated on the implementation of the Recovery and Resilience Mechanism and is anticipated to approve the amended Recovery and Resilience Plans for several Member States including Cyprus, Belgium, Malta, Lithuania, Poland, Croatia, Slovenia, and Italy.
On the sidelines, Keravnos will participate in the annual meetings of the governors of the European Stability Mechanism and the European Central Bank, as noted in the statement.