The meeting of the European Union’s Economic and Financial Affairs Council (ECOFIN), held in Brussels, concluded on Monday.
Cyprus was represented by Finance Minister Makis Keravnos. During the Council meeting, the ministers examined a compromise proposal from the Irish Presidency, building on the progress achieved during the Cypriot Presidency; however, it was not possible to reach an agreement among all member states.
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The resounding defeat of unbridled audacity
These proposals aim to modernize the Union’s framework for excise duties on tobacco, extend its scope to new products, and to improve the functioning of the internal market, while at the same time seeking to contribute to the achievement of public health objectives.
In his remarks, Mr. Keravnos thanked the Irish Presidency for its efforts and expressed support for the latest compromise proposal. He described the proposal as balanced, as it combines the necessary ambition while respecting the sensitivities of specific Member States.
Furthermore, the ministers exchanged views on the economic impact of European legislation on businesses and the public sector, based on a document prepared by the Irish Presidency.
In their remarks, the ministers welcomed efforts to accelerate simplification procedures, which should continue. At the same time, they emphasized the need for thorough impact assessments for all legislation proposed at the European Union level.
Subsequently, the ministers discussed the economic and fiscal impact of the Russian invasion of Ukraine and were briefed on progress in implementing the Recovery and Resilience Facility.
The Council adopted recommendations to extend the escape clause for Italy regarding expenditures that contribute to strengthening defense and energy security.
Finally, the Council was briefed on the results of the G20 Finance Ministers and Central Bank Governors’ meeting, which took place on October 15 in Bangkok.
At the Eurogroup meeting on Monday morning, the ministers reviewed macroeconomic developments and prospects for the euro area. During the discussion, the resilience of the European economy was acknowledged despite rising energy prices, inflationary pressures, and higher borrowing costs.
The need to closely monitor the situation was also emphasized, as was the need for effective implementation of the economic governance framework, given the multiple challenges and uncertainty arising from geopolitical developments.
In an enlarged format—that is, with the participation of all EU member states—the ministers exchanged views on improving the efficiency of defense funding.
During the discussion, the need to strengthen investment in the defense and security sectors was acknowledged, but in a way that does not jeopardize the sustainability of public finances.
In his remarks, Mr. Keravnos he emphasized the need to continue strengthening the EU’s defense capabilities through investments that support research and innovation for the development of cutting-edge technologies, particularly by supporting startups across all EU member states.
This enhances the added value of defense investments, supporting not only the EU’s autonomy but also the competitiveness of our economy.
Furthermore, regarding the possible participation of third countries in defense capability development programs, Mr. Keravnos emphasized that any third countries wishing to participate in EU programs must respect the sovereignty of all EU member states.
Source: CNA
