Brussels: Finance Minister Makis Keravnos has expressed support for the Irish Presidency's goal of securing a negotiating mandate at the October Council on the Market Integration and Supervision Package (MISP), stressing that the significant progress achieved during the Cyprus Presidency of the Council of the EU provides a strong basis for continuing the negotiations.
According to Cyprus News Agency, Keravnos made these remarks at the first Economic and Financial Affairs Council (ECOFIN) of the European Union under the Irish Presidency, which concluded on Friday in Brussels. Ireland's T¡naiste and Minister for Finance, Simon Harris, announced that the meeting resulted in a unanimous commitment from ministers to back the presidency's ambition to reach an agreement on the package in October. Harris emphasized that the goal would be achieved through a quality, balanced, and proportionate compromise, with ministers agreeing to mandate their technical teams to intensify work in the coming months.
Keravnos reiterated Cyprus's support for the Irish Presidency's objective of securing a negotiating mandate at the October Council on the MISP package. He highlighted that the progress achieved during the Cyprus Presidency provides a robust foundation for ongoing negotiations, and he thanked his colleagues for recognizing the efforts made. The Finance Minister also indicated Cyprus's agreement with the paper tabled by the Irish Presidency, which emphasizes asset management, financial innovation, the supervisory framework, and the governance of the European Securities and Markets Authority (ESMA).
During the presentation of the Irish Presidency's priorities, Minister Harris mentioned a focus on competitiveness, security, and values, drawing inspiration from an old Irish proverb meaning "there can be no strength without unity." Commissioner for Economy, Productivity, Implementation and Simplification Valdis Dombrovskis thanked Harris for outlining the Presidency's priorities and welcomed the emphasis on advancing key files, particularly in enhancing competitiveness, the digital euro, and the Savings and Investments Union.
Dombrovskis provided an update on the Commission's economic outlook, noting a decrease in energy prices following the US-Iran peace agreement in mid-June, with oil prices reaching pre-conflict levels earlier this month. However, renewed hostilities have caused a sharp increase in oil prices, prompting the Commission to closely monitor developments and their impact on growth and inflation.
Under the Recovery and Resilience Facility, the Council approved revised Recovery and Resilience Plans for several member states, including Lithuania, Cyprus, and Finland. Hungary's new £10 billion plan was also approved. Dombrovskis highlighted Denmark's achievement of completing 100% of the measures in its plan, with just over 50 days remaining for other member states to implement their milestones and targets.
Regarding Ukraine, Dombrovskis mentioned that disbursements under the Ukraine Support Loan had exceeded £7 billion, including a significant disbursement under macro-financial assistance. He called for swift adoption of the 21st sanctions package against Russia to maintain pressure on its war economy.
The Council adopted country-specific recommendations under the 2026 European Semester, targeting the strengthening of Europe's competitiveness. The Council also addressed fiscal matters, noting an excessive deficit in Bulgaria and endorsing the Netherlands' revised medium-term fiscal-structural plan.
The Council approved the EU's terms of reference for participation in the G20 Finance Ministers and Central Bank Governors meeting, and the European Central Bank and the Commission presented Convergence Reports on euro adoption. Dombrovskis concluded the press conference by highlighting the constructive policy debate on MISP and welcomed the Irish Presidency's ambition to reach a general approach this autumn.
The previous day, Eurozone Finance Ministers discussed fiscal policy for 2027 at the Eurogroup meeting, agreeing on a neutral to slightly expansionary fiscal stance for 2026 and a return to a broadly neutral fiscal stance for 2027. Ministers also discussed the impact of emerging technologies on the financial sector, focusing on artificial intelligence's implications for cybersecurity, and adopted a joint statement on advancing digital finance in the EU.