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.
The Minister said that the Ministers of Finance will discuss the situation in the international and European economy and how it is being affected by all the negative developments.
"We all hope spring will prevail as soon as possible in the political and economic international environment," he said, noting that Cyprus geographically is in the broader region affected by hostilities due to the war in Iran.
"We have taken some precautionary measures. Life in Cyprus is running smoothly and safely. The aerospace is always open and I am taking this opportunity to express my sincere thanks to the immediate reaction of the EU, regarding the protection of our citizens. More specifically, I would like to thank Greece, France, Italy, Spain," he said.
Asked whether possible support measures for countries facing greater economic pressure due to the war would be discussed, the Minister said that the repercussions are both at the global and the European level.
“The discussion today among the Ministers of Finance is about what could be done to address all these repercussions,” he said, noting that the issue of proportionality is always being taken into account.
Makis Keravnos also added that the second item on the ECOFIN agenda is the Savings and Investments Union. "The Ministers will continue the discussion on this very important and critical issue," he said, adding that at the end they will also discuss the situation and the financial contribution to Ukraine.
According to a press release issued by the Ministry of Finance, during the Council meeting the Ministers will hold an orientation discussion on the package of proposals for the further development of financial infrastructures and the supervision of capital markets within the Union. As stated, this package of legislative proposals aims to deepen the single market in the field of financial services, which is expected to contribute decisively to improving the competitiveness of the European economy.
In addition, ECOFIN is expected to approve the revised Estonia Recovery and Resilience Plan, as well as the medium-term fiscal/structural plan of Ireland.
Finally, the Ministers will exchange views on the EU’s main positions ahead of the upcoming meeting of the G20 Finance Ministers and Central Bank Governors and the Spring Meetings of the International Monetary Fund, which are scheduled for April.
(Source: CNA)
