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Cyprus's Finance Minister Outlines Presidency Program at ECOFIN

Published January 20, 2026, 16:31

The Minister of Finance, Makis Keravnos, presented the program of the Cypriot Presidency at the Economic and Financial Affairs Council (ECOFIN) in Brussels. The central motto of the presidency is “An autonomous union open to the world,” with the aim of creating a thriving and competitive Europe. Cyprus is taking over at a time of international geopolitical adjustments and uncertainty, emphasizing the strengthening of the EU's economic autonomy and position. The presidency will promote legislative work in various areas, such as the Union of Savings and Investments (SIU), the Capital Markets Union, the simplification of tax legislation, and the modernized Customs Union. The goal is to enhance the competitiveness and integration of the EU's banking sector, as well as facilitate businesses. Particular emphasis will be placed on the economic support of Ukraine, ensuring timely funding for its defense and future reconstruction. Cyprus is committed to playing an active role in providing this assistance. At the first ECOFIN meeting, technical amendments to the recovery and resilience plans of Finland, Germany, Ireland, the Netherlands, Spain, and Sweden were approved, in order to accelerate their implementation. In addition, an excessive deficit procedure was launched for Finland due to exceeding fiscal limits.