Cyprus' EU Presidency at the centre of a meeting between Keravnos and Pierrakakis

Minister of Finance Makis Keravnos met with the Minister of Economy and Finance of Greece, Kyriakos Pierrakakis, in Athens, to discuss the priorities of the Cyprus Presidency of the Council of the EU in the first half of 2026.

According to a Ministry announcement, Keravnos during the 25 June meeting underlined the emphasis that the Cyprus EU Presidency is expected to place on issues related to the smooth coordination of economic and fiscal policies of the Member States in the context of the European Semester, in the light of ongoing geopolitical developments, while taking into account the challenges arising from last year's implementation of the Recovery and Resilience Plan.

At the same time, he informed Pierrakakis of the Cyprus EU Presidency's intention to set as a main priority initiatives aimed at further deepening the Capital Markets Union in order to improve the competitiveness of the European economy, but also to complete the Banking Union and promote the digital euro.

In addition, the Cyprus Finance Minister noted the importance the country attaches to initiatives to address the financing needs for projects to strengthen EU defence and security.

The two Ministers reviewed the state of play in the economies of Greece and Cyprus and discussed ways to further deepen economic cooperation and promote trade relations between the two countries, with particular emphasis on improving competitiveness and enhancing investment. They also discussed issues related to cooperation and coordination between the two countries in the context of the exploitation of European initiatives to strengthen the EU's strategic autonomy.

In his statements after the meeting, Pierrakakis stressed that the latest geopolitical developments in the Middle East cause legitimate concern and underlined the need for restraint and de-escalation to prevail and to protect freedom of navigation. “Diplomacy must now have the floor in order to prevent further destabilisation with negative effects on the global economy, supply chains and merchant shipping, sectors that are of key importance for both Greece and Cyprus,” he said.

"Greece will actively support the Cypriot Presidency, politically and technically. Our coordination will be strategic, especially in view of Greece's assumption of the EU Presidency in the second half of 2027. As Greece, we want a strong Europe, with fewer internal obstacles and simpler procedures. But above all, we want a Europe with a developmental and strategic vision for tomorrow," the Greek Minister said, adding that in the coming period there is an opportunity for Cyprus and Greece to give joint impetus to European issues of common interest, such as reducing energy costs, more digitisation and innovation, accelerating the green transition and financing large-scale productive investments.

On his part, Keravnos expressed his satisfaction with the two economies, describing them as among the best in the EU.

"We exchanged views on current issues and geopolitical developments, which of course are of concern to all of us. We briefed the Minister and his colleagues on the priorities of the Cyprus Presidency. [...] There was also an exchange of views and we also discussed various bilateral issues to strengthen economic and trade cooperation, especially in the field of investment. And we are pleased that Greek companies are currently making significant investments in Cyprus - both in the banking sector and in the technology sector. And this, I think, is a very important, mutual, common benefit for our countries and their people" he said.

Keravnos discusses EU Cohesion Policy with Greek Deputy Economy Minister

Earlier, Keravnos met in Athens with the Deputy Minister of Economy and Finance of Greece, Nikos Papathanasis, stressing that they are awaiting the European Commission's proposal in July for the next Multiannual Financial Framework after 2027 and the new Cohesion Policy. The priorities of the Republic of Cyprus in the Council of the EU in the first half of 2026 were also discussed, a separate announcement by the Finance Ministry says.

At the same time, issues related to the coordination of the two countries for the formulation of the regulatory framework and the enhancement of the effectiveness of the Cohesion Policy were discussed and the need to work together to ensure that it continues to play a central role in the next European budget, taking into account the positive economic impact of the Policy's investments in both Cyprus and Greece. 

Finally, the two Ministers underlined the importance of strategic cooperation such as support for island regions as well as specific support for regions facing geopolitical resilience issues. They expressed their commitment to continue close cooperation and the excellent communication both within the Council and other European institutions in order to effectively promote their common priorities, the announcement concludes.

(Source: CNA)