Brussels:Finance Minister Makis Keravnos is set to travel to Brussels on Sunday to participate in the Eurogroup and Economic and Financial Affairs Council (ECOFIN) meetings scheduled for Monday, November 9, as announced by the Finance Ministry in a press release.
According to Cyprus News Agency, during the Eurogroup meeting on Monday morning, ministers will exchange views on macroeconomic developments and the outlook for the euro area, focusing on inflation and the national budgets for 2027. They will also receive updates on negotiations between the Council and the European Parliament regarding the digital euro and related preparations by the European Central Bank (ECB).
Additionally, finance ministers will be briefed on developments in the banking sector by the Chairs of the Single Supervisory Mechanism and the Single Resolution Board. The Eurogroup will also discuss the procedure for selecting the next ECB President following Christine Lagarde's resignation announcement.
In an inclusive format, discussions will include the efficiency of defense financing through better use of public resources and joint procurement of defense equipment, with participation from NATO Secretary General Mark Rutte.
The ECOFIN Council's afternoon agenda includes examining a compromise legislative package on tobacco taxation, modernizing the EU framework for excise duties, and discussing the economic impact of EU legislation. Furthermore, ministers will deliberate on the economic and fiscal implications of Russia's war against Ukraine and the activation of the national escape clause for Italy. The Council will also address the Recovery and Resilience Facility's implementation and approve conclusions on European statistics.
The Council will conclude with a briefing on the G20 Finance Ministers and Central Bank Governors meeting held in Bangkok on October 15.
In recent statements, Minister Keravnos emphasized the importance of discussing the cost of living and energy crisis at the meetings, expressing a positive outlook on Cyprus's request to reduce excise duty on heating oil. He highlighted Cyprus's economic performance, advocating for flexibility tailored to its achievements and circumstances, aiming to further support households and businesses.