Minister of Finance Makis Keravnos is chairing the Eurogroup meeting during which elections will be held to choose the new President in Brussels.
The meeting is taking place on the afternoon of Thursday, 11 December. The meeting is due to begin at 3pm, Brussels time, 4pm in Cyprus, and is anticipated to last until 6pm, Brussels time.
On Friday, 12 December, he will participate in the ECOFIN proceedings, focusing on the Strategy for the Savings and Investment Union and discussions on the digital euro.
According to a press release by the Ministry, the candidates are the Greek Minister of National Economy and Finance, Kyriakos Pierrakakis, and the Belgian Budget Minister, Vincent Van Peteghem.
Within the framework of the meeting, the Ministers will also exchange views with representatives of the International Monetary Fund on the economic challenges and policies of the euro area. This will be followed by a discussion on the macroeconomic developments and fiscal prospects of the Eurozone, based on the European Commission’s opinion on the budget plans of the member states for 2026.
On Friday, the Minister will take part in the ECOFIN Council proceedings, which will begin with an exchange of views on the legislative proposals recently issued by the European Commission within the framework of the Strategy to create the Savings and Investment Union.
The European Commission will first present proposed measures concerning the further development of financial infrastructures and capital markets supervision within the Union. It will then present its recommendations to Member States regarding the revision of supplementary pensions, with the aim of improving EU citizens’ retirement savings, boosting capital markets, and supporting the EU economy. Afterwards, the Ministers will be briefed by the Presidency on the progress of negotiations regarding the introduction of the digital euro.
According to the press release, the Presidency is also expected to inform the body about the results of negotiations with the European Parliament on the reform of the Customs Union. The Ministers will then examine temporary arrangements that will apply until the end of 2027 for the abolition of the duty exemption on imported products valued at under €150, based on a proposal by the European Commission.
Regarding the goal of simplifying procedures and legislative regulations, the Ministers will exchange views on the economic impact of European legislation on businesses and the public sector, based on a discussion paper prepared by the Danish Presidency. In addition, the Ministers will approve Council Conclusions relating to the simplification of the regulatory framework in the area of financial services.
Furthermore, within the framework of the 2026 European Semester for the coordination of economic policies within the EU, the Ministers will discuss the Alert Mechanism Report and the policy recommendation for the euro area. They will then approve amendments to the national Recovery and Resilience Plans of Cyprus, Latvia, Austria, Greece, Czechia, Slovenia, Malta, France, Poland, and Portugal.
The proceedings will conclude with the presentation of the annual report of the European Court of Auditors on the implementation of the EU budget for 2024.
On the evening of Thursday, 11 December, meanwhile, the Minister of Finance will attend a working dinner organised by the Danish Presidency on the continuation of financial support for Ukraine.
(Source: CNA)
