Brussels: Life in Cyprus is running smoothly and safely, Minister of Finance, Makis Keravnos, stated on Tuesday morning, as he arrived at the EU Economic and Financial Affairs Council (ECOFIN), which he is chairing, in Brussels, in the context of the Cypriot Presidency of the Council of the European Union.
According to Cyprus News Agency, the Minister highlighted that the Ministers of Finance would discuss the situation in the international and European economy and its impact from ongoing negative developments. He expressed hope for a swift improvement in the political and economic international environment, emphasizing Cyprus' geographical proximity to regions affected by hostilities due to the war in Iran.
Keravnos mentioned precautionary measures taken in Cyprus to ensure life runs smoothly and safely, with aerospace operations ongoing. He extended gratitude to the EU for its immediate response in protecting citizens, specifically thanking Greece, France, Italy, and Spain for their roles.
When asked about potential support measures for countries under increased economic pressure due to the war, the Minister noted that the repercussions are both global and European. He emphasized the focus of the day's discussions among Finance Ministers on addressing these repercussions, considering the principle of proportionality.
Keravnos further mentioned that the ECOFIN agenda includes discussions on the Savings and Investments Union, describing it as a critical issue. The Ministers plan to conclude by discussing the situation and financial contributions to Ukraine.
The press release from the Ministry of Finance indicated that during the Council meeting, Ministers would engage in an orientation discussion on proposals to develop financial infrastructures and supervise capital markets within the Union. This legislative package aims to deepen the single market in financial services, thereby enhancing European economic competitiveness.
Additionally, ECOFIN is expected to approve the revised Estonia Recovery and Resilience Plan and the medium-term fiscal/structural plan of Ireland. The Ministers will also exchange views on the EU's main positions ahead of the upcoming G20 Finance Ministers and Central Bank Governors meeting and the Spring Meetings of the International Monetary Fund scheduled for April.