Brussels: Minister of Finance of Cyprus, Makis Keravnos, emphasized the importance of unity within the European Union during his arrival in Brussels on Tuesday morning. He expressed his support for initiatives that aim to accelerate processes, while cautioning against fragmentation, specifically in relation to the "E6" initiative. Keravnos highlighted the need to advance variables, especially for the Savings and Investment Union, as he prepared to participate in the Council of Finance Ministers of the "27" (ECOFIN).
According to Cyprus News Agency, Keravnos outlined the agenda for the meeting, which included a briefing by the head of the Eurogroup during the working breakfast with all Ministers present. The official part of the meeting was set to discuss the proposed supplementary pension package, a critical component of the Savings and Investment Union. Additionally, the Ministers were to receive updates on financial support to Ukraine following a recent decision on a £90 billion aid package.
Keravnos also mentioned the plan to adopt the 2026 European Semester results and establish guidelines for the 2027 budget, marking the end of the current Multiannual Financial Framework (MFF). Discussions were expected on amendments to the Recovery and Resilience Facility (RRF), with particular interest in the potential reactivation of the escape clause for Austria.
Regarding the 'E6' initiative from the six largest EU economies, Keravnos reiterated that the EU should avoid further fragmentation and instead focus on accelerating processes, particularly in the Savings and Investment Union. On the topic of financial market integration and the proposal to centralize financial supervision under the European Securities and Markets Authority (ESMA), Keravnos noted a general convergence on supervision and saw opportunities for continued dialogue among member states.