The economic impact of the war in the Middle East will be discussed next week in Brussels at meetings of the Eurogroupand the ECOFIN Council, in which Cyprus Finance Minister Makis Keravnos will take part.
According to the Ministry of Finance Cyprus, Keravnos travels to Brussels on Sunday 3 May to attend the Eurogroup meeting on 4 May, chair the ECOFIN Council on 5 May, and participate in a high-level European Parliament event titled “Right to Stay”.
On Monday, Eurogroup ministers will be briefed on banking union developments by the head of the European Central Bank’s Supervisory Board.
Energy prices
In an expanded format with all EU member states, ministers will also discuss a report on financing innovative investment initiatives in Europe, followed by an exchange of views.
They will then examine the impact of the Middle East conflict on the European economy, particularly energy prices.
On Tuesday, Keravnos will chair the ECOFIN Council. Discussions will continue over breakfast on the economic impact of the war and broader economic developments.
Ministers will also discuss a revision of VAT data access rules for the European Anti-Fraud Office (OLAF) and the European Public Prosecutor’s Office (EPPO), aimed at strengthening fraud detection.
Consequences of war on Ukraine
The Council will also examine proposals to further develop financial market infrastructure and capital markets supervision within the EU, based on a policy paper prepared by the Cypriot Presidency.
Ministers will exchange views on simplifying EU legislation and its economic impact on businesses and the public sector.
They will also discuss the economic and fiscal consequences of Russia’s invasion of Ukraine and are expected to approve an updated Recovery and Resilience Plan for Denmark.
Ministers will be briefed on outcomes from G20 finance meetings and IMF spring meetings held in April.
Separately, Keravnos will chair an annual Economic and Financial Dialogue with regional partners on Tuesday morning, focusing on fiscal conditions and geopolitical impacts.
Reducing inequalities
On Wednesday, he will attend the European Parliament event “Right to Stay – Creating opportunities for people to remain in their regions”, representing the Cypriot Presidency of the Council of the EU.
Speakers include European Parliament President Roberta Metsola, European Commission Executive Vice-President Raffaele Fitto, Committee of the Regions President Kata Tüttő, and former Italian Prime Minister Enrico Letta.
The event will focus on improving living and working conditions in EU regions to reduce inequality and enable people to remain in their communities.
CNA