The situation remains extremely volatile and therefore it is too early to discuss the possibility of measures, Finance Minister, Makis Keravnos and European Commissioner for Economy and Productivity, Valdis Dombrovskis said speaking at a press conference following the conclusion of the Economic and Financial Affairs Council (ECOFIN) in Brussels.
Speaking on 10 March, Keravnos said he informed Ministers about the situation in Cyprus and expressed his appreciation for the solidarity and support immediately offered by EU partners. “On this occasion, I would like to publicly thank Greece, France, Italy, Spain and the Netherlands for their tangible support. This support highlights the importance of European unity and solidarity,” he stressed.
Responding to a question about a possible decision to take measures due to the war in Iran, Keravnos said that the issue of the global and European economy had been discussed by Ministers both in the Eurogroup and in ECOFIN. He noted that there was a general exchange of views on the matter. However, he said, “there is no stability" and "it is too early" for decisions, since yesterday (9 March) oil prices went up to $120 but dropped today (10 March).
“On the issue of energy, all matters were discussed, including interconnections,” he said when asked whether the issue of interconnections was promoted in order to ensure Europe’s energy autonomy. However, he noted that out of the 27 Member States, 25 are already interconnected. “Nevertheless, energy prices remain high,” he underlined, noting that this is a serious issue for all European countries and that a great deal of time was devoted to discussing it.
On his part, Commissioner Dombrovskis agreed that the situation is extremely volatile. “We will have to wait to see what the real impact will be,” he said, noting, however, that certain measures have already been discussed, such as the coordinated release of oil stockpiles, which was discussed with the G7 Energy Ministers. “We really have to monitor the situation very closely and we need to stand ready to react as necessary,” he added.
Market Integration and Supervision Package
The Cypriot Minister of Finance also referred to the main item on the agenda, which concerned an exchange of views on the Market Integration and Supervision Package, a central pillar of the Savings and Investments Union and EU’s effort to further deepen European capital markets.
He noted that the Cyprus EU Council Presidency is focused on delivering. "By the end of the month, we will have completed a full technical examination of the proposals. But we will not stop there. Further expert level meetings will take place to advance on all elements of the package,” he said.
As he explained, the discussion confirmed three key elements on which Ministers agree: the strategic significance of the package, the need to maintain momentum and make swift progress, and, the importance of ensuring a high-quality outcome.
“As Presidency, we place a high political priority on advancing the Savings and Investments Union agenda, and are determined to work to ensure decisive, pragmatic and balanced progress on the market integration and supervision package,” he stressed.
For his part, the Commissioner said that “more integrated capital markets are essential for channeling investment towards the achievement of our strategic priorities, such as enhancing our competitiveness.”
Economic situation in Ukraine and Russia
The Minister of Finance also referred to the update the Council received from the Commission regarding the economic and financial impact of Russia’s aggression against Ukraine.
He added that Ministers were also briefed on the situation of the Russian economy, which, he said, showed signs of increased stress in 2025. “This shows that our approach is working, and that we are having an impact on Russia’s ability to wage the war against Ukraine,” he noted.
Similarly, Commissioner Dombrovskis said that “we remain as determined as ever to support Ukraine and exert maximum pressure on Russia.”
The Council also approved targeted amendments to Estonia’s Recovery and Resilience Plan to accelerate its implementation, bringing the total number of simplified Recovery and Resilience Plans to 26, with total disbursements now reaching €395.5 billion.
The Council also adopted a recommendation endorsing Ireland’s revised national medium-term fiscal-structural plan.
Cyprus holds the EU Council rotating Presidency for the first half of 2026.
(Source: CNA)
