Reducing red tape should be an EU priority, Keravnos tells social partners

Reducing red trape, simplifying regulations and reducing regulatory burden should be top priorities for the EU, Minister of Finance, Makis Keravnos, said after participating in the EU’s regular macroeconomic dialogue with the social partners, where represented Cyprus as one of the next holders of the Presidency of the Council of the EU (first half of 2026).

Key regulatory barriers that contribute to the fragmentation of the single market for services were on the meeting's agenda, as determined by the current EU Polish Presidency. 

“It is even more important for Europe to safeguard and boost its competitiveness, particularly in the context of geopolitical challenges which are impacting European economies”, Keravnos said on 10 March, according to a press release by the Council.

“Reducing red tape, as well as achieving progress on the simplification and reduction of regulatory burden should be a top priority,” he noted.

“These efforts should allow companies, particularly SMEs, to grow, while also benefiting workers across the EU and ensuring a sustainable level of well-being for EU citizens. Ultimately, these measures will facilitate a substantial deepening of the single market,” he stressed.

The macroeconomic dialogue with the social partners is held twice a year, bringing together the current Presidency of the Council of the EU (in this case Poland) along with the next two Presidencies (in this case Denmark and Cyprus), as well as representatives of the European Commission and the European Central Bank, and representatives of European trade unions and business and employers unions.  

The European Trade Union Confederation (ETUC), BusinessEurope, SGIEurope and SMEunited also took part in the dialogue.

The next macroeconomic dialogue will be organised under the Danish Presidency of the Council of the EU in November. Cyprus will organise the dialogue in March 2026.

(Source: CNA)