Nicosia, Cyprus. Cyprus’ Presidency of the Council of the European Union made a significant contribution to advancing major legislative files in the economy and public finances, Finance Minister Makis Keravnos said on Tuesday. He said the six-month presidency strengthened efforts on competitiveness, customs reform, capital markets, tax cooperation and support for Ukraine.
Presidency record
Speaking at a press conference, Keravnos described the presidency as highly demanding and exceptionally productive.
Cyprus assumed the rotating presidency during a period of geopolitical instability, including the war in Ukraine, the conflict in Gaza, developments across the Middle East and their effects on Europe’s economy and energy security, he said.
Keravnos said the circumstances made it essential for the European Union to take decisions reinforcing its competitiveness and resilience. The Cypriot presidency placed sustainable growth, fiscal stability and the bloc’s strategic autonomy at the centre of discussions within the Economic and Financial Affairs Council.
Meetings and objectives
Keravnos said he chaired five ECOFIN meetings and one General Affairs Council meeting dedicated to cohesion policy. Cyprus also hosted informal meetings of EU finance ministers and central bank governors, as well as ministers responsible for cohesion policy.
The presidency’s main objective was to strengthen the European Union’s financial autonomy while creating conditions for greater productivity and competitiveness across the European economy, he said.
Capital markets
A major focus was the Savings and Investments Union, which Keravnos described as a cornerstone of European competitiveness.
He said the Cypriot presidency promoted legislative initiatives to improve the efficiency of European capital markets by simplifying the regulatory framework without weakening investor protection.
Keravnos said substantial progress was made on the Market Integration and Supervisory Package, a central part of the EU strategy to establish a more integrated financial system for investors and businesses.
