The informal meeting of the European Union’s Economic Affairs and Finance Ministers (ECOFIN) will take place in Nicosia on Friday and Saturday, within the framework of the Cyprus Presidency of the Council of the EU 2026.
The meeting will be held at the Filoxenia Conference Centre under Cyprus’ Finance Minister, Makis Keravnos.
According to an announcement by the Cyprus Presidency of the Council of the EU 2026, the meeting will begin at 12:15 pm Friday with a working lunch focusing on strengthening the EU’s competitiveness in an increasingly uncertain geopolitical environment.
The Ministers, the announcement said, are to exchange views on the urgent need to strengthen the EU’s competitiveness in light of recent geopolitical developments, based on a guidance paper prepared by the Cyprus Presidency and presentations by the Managing Director of the European Stability Mechanism, Pierre Gramegna, and Professor Andreas Theophanous. Specific actions that need to be taken at European level to improve the competitiveness of the European economy will be examined.
“This issue constitutes a key political priority of the Cyprus Presidency, as the discussion is expected to contribute to efforts to strengthen the EU’s strategic autonomy, while at the same time ensuring that it remains open to the world,” the announcement said.
It is noted that discussions will continue at 2:00 pm and conclude at 4:00 pm with a joint session of Finance Ministers and Central Bank Governors, during which views will be exchanged on stablecoins, their characteristics and their economic function, on the basis of a relevant guidance paper by the Cyprus Presidency and a presentation by the Director of European think tank Bruegel, Jeromin Zettelmeyer.
“The Ministers will exchange views on both the prospects and the risks arising from the use of stablecoins, as well as the possible need to adapt the EU policy framework in order to safeguard financial stability in a rapidly evolving digital financial ecosystem,” the announcement said.
It is further noted that the informal ECOFIN meeting will continue and conclude on Saturday, 23 May, with proceedings beginning at 9:30 am.
According to the announcement, the Ministers will exchange views on ways in which the EU can meet its growing investment needs without undermining long-term fiscal sustainability.
“In this context, EU Finance Ministers will examine measures to improve the efficiency of spending at both national and European level and will exchange views on securing the resources required to meet the EU’s investment needs, particularly in the areas of energy, defence and security, and the green and digital transition,” it said.
The discussion, it adds, will be based on a guidance paper prepared by the Cyprus Presidency, as well as presentations by Oya Celasun, Deputy Director of the International Monetary Fund, and Tony Murphy, President of the European Court of Auditors.
It is added that, within the framework of the informal ECOFIN, the Cyprus Presidency will host a session of the Eurogroup on Friday, 22 May, chaired by Eurogroup President Kyriakos Pierrakakis.
The session will focus on recent macroeconomic developments, competitiveness in the housing sector, and progress in discussions on the adoption of the digital euro, in the presence of the Chair of the European Parliament’s Committee on Economic and Monetary Affairs, Aurore Lalucq, the announcement concludes.
