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Cyprus: Situation Remains Unstable, Premature to Discuss Measures After ECOFIN

Published March 10, 2026, 17:10
Cyprus: Situation Remains Unstable, Premature to Discuss Measures After ECOFIN

Following the Council of Economic and Financial Affairs (ECOFIN) in Brussels, Cyprus's Finance Minister Makis Keravnos and Commissioner for the Economy Valdis Dombrovskis emphasized that the situation remains unstable and it is premature to discuss measures. The discussion focused on energy prices and the impact of geopolitical developments. Minister Keravnos thanked Greece, France, Italy, Spain, and the Netherlands for their immediate support to Cyprus, highlighting the importance of European unity. Within the ECOFIN framework, the European Commission provided updates on economic developments and the European Central Bank presented its perspective. The President of the Eurogroup informed about the discussions of the body. Regarding potential measures due to the war in Iran, Minister Keravnos stated that there is no stability in the situation to make specific decisions, as oil prices are experiencing large fluctuations. Mr. Keravnos pointed out that the impacts are focused on the increase in oil prices and potential inflationary pressures, which may affect investments. Regarding interconnections for Europe's energy autonomy, he noted that 25 out of 27 member states are already interconnected, however, the price of energy remains high, underlining the seriousness of the issue. Commissioner Dombrovskis agreed with the unstable situation, stating that oil prices have increased by 40% and natural gas by 90% compared to the pre-war period, confirming the volatile nature of the situation and the need for careful monitoring.