Finance Minister in Brussels for Eurogroup and Ecofin

Minister of Finance, Makis Keravnos is in Brussels to participate in the Eurogroup and Ecofin meetings on 15 and 16 July.

At the Ecofin meeting on 16 July, it is expected that the amendments to the Cyprus Recovery and Resilience Plan will be approved.

According to a Ministry press release, at the Eurogroup meeting, the Minister will discuss with his counterparts in the Eurozone the economic and fiscal situation in the euro area and the fiscal policy guidelines for 2025, while they are expected to approve a statement in view of the preparation for the implementation of the new economic governance framework.

Under the new framework, Member States will prepare and submit in the autumn their national medium-term fiscal and economic plans for the period 2025-2028, which will then be assessed by the European Commission and, if they meet the conditions, will be approved at the Ecofin Council.

The Finance Ministers of all 27 Member States, will also meet and exchange views in the presence of Enrico Letta, former Prime Minister of Italy, who in April published his report on the future of the single market, following a mandate from Member States on how to fill the financing gap for the investments needed to boost competitiveness in the EU.  

On Tuesday, 16 July, Keravnos will represent Cyprus at the Ecofin Council meeting, where the European Commission is expected to brief the Council on the progress on the implementation of the Recovery and Resilience Mechanism, which will then be invited to adopt implementing decisions on amendments to the national recovery and resilience plans of Cyprus, Greece, Germany, Poland, Finland and Greece.

According to the statement, the Council will also exchange views on the economic and fiscal impact of Russia's attack on Ukraine, and is expected to adopt country-specific recommendations in the context of the European Semester for the coordination of member states' economic policies.

Finally, the Council will exchange views on the implementation of the Stability and Growth Pact and the European Commission's recent decision to launch an excessive deficit procedure for seven member states - Italy, France, Belgium, Poland, Hungary, Malta and Slovakia - as well as on reports by the Commission and the European Central Bank on the assessment of the convergence criteria of non-euro area member states.

(Source: CNA)