Minister of Finance, Makis Keravnos, travels to Brussels on Sunday to take part in the meetings of the Eurogroup and of the Economic and Financial Affairs Council (ECOFIN) on Monday 9 November, the Finance Ministry has said in a press release.
On the morning of Monday, Keravnos will attend the Eurogroup meeting, during which Ministers will exchange views on macroeconomic developments and the outlook for the euro area, with particular attention to the path of inflation and in light of discussions underway in member states on the approval of their 2027 national budgets.
Ministers will then be briefed on the progress of negotiations between the Council and the European Parliament on the regulation introducing the digital euro, and on the related technical preparations by the European Central Bank (ECB), the press release said.
The Chairs of the Single Supervisory Mechanism and the Single Resolution Board will also update euro area finance ministers on the latest developments in the banking sector, in particular future challenges and expected risks. Finally, following the recent announcement of ECB President Christine Lagarde's resignation, the Eurogroup will be briefed on the procedure for selecting the next President and the candidates.
In an inclusive format, with all EU member states taking part, Ministers will then discuss how better use of public resources and joint procurement of defence equipment in the EU can improve the efficiency of defence financing. NATO Secretary General Mark Rutte will join the discussion.
The ECOFIN Council meets on Monday afternoon. Proceedings will open with the examination of a compromise legislative package prepared by the Irish Presidency on the revision of tobacco taxation, with a view to reaching a general approach. The proposals aim to modernise the EU framework for excise duties on tobacco, extend its scope to new products and improve the functioning of the internal market, while contributing to public health objectives, the press release noted.
Ministers will also exchange views on the economic impact of EU legislation on businesses and the public sector, based on a reflection paper prepared by the Irish Presidency. During the discussion, the European Commission will present an overview of its 2026 annual progress report on simplification.
Ministers will then exchange views on the economic and fiscal impact of Russia's war against Ukraine. Within the implementation of the EU economic governance framework, the Council is expected to adopt a recommendation approving the activation of the national escape clause for Italy, for expenditure that contributes to strengthening defence and energy security. The ECOFIN Council will also be briefed on the implementation of the Recovery and Resilience Facility and will approve conclusions on European statistics.
Finally, the Council will be briefed on the outcome of the meeting of G20 Finance Ministers and Central Bank Governors held in Bangkok on 15 October, the press release noted.
In recent statements, Keravnos said that the cost of living and the energy crisis "will once again be on the table" at the Eurogroup and ECOFIN meetings. He noted that the government is awaiting the response of the competent services of the European Commission, in both the energy and the taxation fields, to Cyprus's request for a further reduction of the excise duty on heating oil, adding that "from our contacts so far, I see a positive approach".
Minister Keravnos also said that "we will keep pressing our case and documenting our positions even more thoroughly until we secure the treatment, we believe the Cypriot economy deserves. An economy that generates fiscal surpluses, reduces its public debt and grows at around 3% cannot be subject to one-size-fits-all restrictions that disregard its actual performance and the circumstances it faces. We cannot accept such blanket approaches."
"We will continue to pursue, consistently and with evidence, the room for manoeuvre that the Cypriot economy is entitled to, so that we can support our households and businesses even further," he added.
