The need for European leaders to seek “creative and immediate solutions” to address high energy costs, as well as the need for investment in energy transmission networks and the promotion of renewable energy sources, was emphasized by Cyprus’s Minister of Finance, Makis Keravnos, upon his arrival at the EU Council of Finance Ministers (ECOFIN) on Monday in Brussels.
Mr. Keravnos noted that, “despite the resilience shown by the European economy, citizens and households continue to suffer from energy costs resulting from the global energy crisis, which is creating inflationary pressures that are spreading throughout the economy and society.”
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As he noted, measures to support citizens and households should continue, while ensuring economic sustainability and compliance with the rules of European economic governance.
“The European Commission and European leaders must think outside the box and find imaginative and immediate solutions,” he stated, adding that investments in energy transmission networks and greater penetration of renewable energy sources are needed, in order to bring about immediate reductions in energy costs for the benefit of European citizens.
The agenda for Monday’s ECOFIN meeting includes, in a public session, reaching a political agreement on updating the EU’s tobacco taxation rules, while finance ministers are also expected to approve the activation of the national escape clause for Italy, under the EU’s fiscal rules, in order to facilitate the financing of defense spending, including measures to strengthen energy security.
Earlier in the day, during the Eurogroup meeting, Eurozone finance ministers discussed macroeconomic and fiscal developments in the Eurozone, the promotion of the digital euro and innovation in central banks’ wholesale payment systems, as well as issues related to the Banking Union.
The 24th hearing of the Chair of the Supervisory Board of the Single Supervisory Mechanism took place, and a briefing was provided on the recent activities of the Single Resolution Board. In an expanded session, with the participation of NATO Secretary General Mark Rutte, the ministers also discussed defense funding.
