Brussels, Belgium. Cyprus Finance Minister Makis Keravnos addressed the Ecofin council meeting on Tuesday, highlighting growing uncertainty facing the European and global economy.
Geopolitical developments and economic policy responses
Keravnos, who chaired the session, said discussions would focus on the impact of geopolitical developments on the global economy, building on earlier exchanges at the Eurogroup. He said finance ministers are meeting amid increased uncertainty due to the conflict in the Middle East and the ongoing war in Ukraine. Keravnos said the debate would examine economic consequences and potential policy responses, reflecting the rapidly evolving international landscape.
Agenda items and discussion framework
Keravnos outlined key items on the Ecofin agenda, including market integration and the supervisory package, and said efforts have been made under the Cypriot EU presidency to accelerate progress. He also confirmed that a document containing specific questions would be presented to facilitate discussion among member states.
VAT fraud and anti-fraud enforcement
Keravnos referred to the issue of VAT fraud and said he hoped progress would be achieved during the meeting. He said the objective is to enhance the ability of the European Anti-Fraud Office (OLAF) and the European Public Prosecutor’s Office to intervene more quickly and effectively.
Stagflation risk
Asked about the risk of stagflation in Europe, Keravnos stressed the need for vigilance, saying developments are constantly changing and require close monitoring to avoid such a scenario.
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