Keravnos to seek energy cost relief and fiscal flexibility at EU finance meetings

Luxembourg, Luxembourg. Finance Minister Makis Keravnos will press for measures to ease energy costs for households and businesses at Eurogroup and ECOFIN meetings on October 8 and 9, 2026. His priorities include relief on heating oil excise duty and greater flexibility within the EU’s fiscal framework.

Request for heating cost relief

In a Finance Ministry statement issued on Wednesday, Keravnos said his main priority was to ensure that decisions by eurozone and EU finance ministers account for the impact of energy developments on households and businesses.

Cyprus has already requested a derogation on heating oil excise duty to reduce winter heating costs.

“As I have already said publicly, we have requested a derogation on the excise duty on heating oil, to reduce a cost that households feel directly, especially in winter,” he said.

Greater fiscal flexibility

The government is working with other European countries to seek more room to respond to economic pressures under the EU’s fiscal framework.

“Together with other member states, we are also making the case for additional fiscal space, with greater flexibility within the economic governance framework, so that governments can effectively support and protect citizens and businesses when circumstances require it,” Keravnos said.

He argued that EU rules should be able to respond to exceptional circumstances.

“The rules must keep pace with reality, and the framework has already shown that it can adapt when energy security is at stake,” he added.

Financial market integration

ECOFIN ministers are expected to focus on the market integration and supervision package, which aims to deepen cooperation across European financial services.

“A more integrated European market for financial services will make it easier for businesses to access finance and will strengthen Europe’s competitiveness,” Keravnos said.