MEP Michalis Hatzipantelas (DISY/EPP) held important meetings with leading European institutions in Frankfurt and Luxembourg, as part of a mission by the European Parliament’s Committee on Economic and Monetary Affairs (ECON) from September 21 to 23.
Specifically, meetings were held with the European Central Bank (ECB), the European Insurance and Occupational Pensions Authority (EIOPA), the European Authority for the Prevention of Money Laundering and Terrorist Financing (AMLA), the European Investment Bank (EIB), and the European Stability Mechanism (ESM).
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The discussions focused on developments in the European economy, financial stability, investment and economic security, as well as the need to curb inflation and reduce energy costs.
Energy, Inflation, and the Cyprus–Greece Power Interconnection
During Michalis Hatzipantelas’s meetings with the European Central Bank and the European Investment Bank, discussions focused on developments in the European economy, the need to curb inflation, and ways to reduce energy costs, which affect the competitiveness of the European economy and the costs borne by households and businesses.
In this context, European institutions have emphasized the need to strengthen Europe’s energy interconnectivity, recognizing the importance and necessity of the Cyprus–Greece electricity interconnection.
The completion of the interconnection was highlighted as a decisive step toward Cyprus’s energy integration into the European grid and the creation of conditions for greater energy security and access to competitiveenergy costs.
At the EIB, discussions also focused on the progress of the feasibility study for the Cyprus–Greece electricity interconnection, and the need to advance and complete the project was acknowledged.
At the European Central Bank, discussions covered monetary policy, economic outlook, banking supervision, the digital euro, financial integration, and financial stability.
€35 million for small and medium-sized enterprises
A key issue raised during the meetings was the €35 million for small and medium-sized enterprises, which has been frozen for years.
Mr. Hatzipantela raised the issue again, highlighting potential solutions to reactivate these funds and utilize them for the benefit of the Cypriot economy and small and medium-sized enterprises.
At the same time, she placed particular emphasis on providing information about the European funds available to Cyprus and on finding ways to secure and utilize them.
During the meeting at the European Investment Bank, Michalis Hatzipantela also raised the issue of the EIB’s potential resumption of operations in Turkey, requesting an update on the Bank’s intentions and plans.
AMLA: 40 entities under scrutiny—one in Cyprus
The meeting with AMLA President Bruna Szegő, as well as the discussion with members of the Authority’s Executive Board, was also of great significance.
The focus was on how the new Authority operates and how it selects the entities that will be subject to supervision across Europe, within the framework of the new European supervisory architecture.
As noted, 40 entities at the European level are under scrutiny as part of the new supervisory process, one of which is located in Cyprus.
Discussions also focused on the European directive that will govern the new framework, as well as ways to strengthen supervision, ensure more effective enforcement of the rules, and improve coordination among the competent authorities.
In a statement, Mr. Hatzipantela said: “The meetings in Frankfurt and Luxembourg were particularly important, because they gave us the opportunity to discuss with leading European institutions the major challenges facing the European economy today. Our goal is for European policies, financial instruments, and decisions made are translated into tangible benefits for our country and, above all, into solutions that improve citizens’ daily lives.”
