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The proceedings of a seminar co-organised by the House of Representatives and the Economic Governance and Economic and Monetary Union (EGOV) Scrutiny Unit of the European Parliament (EP) started today. The seminar brings together participants from 20 national parliaments of EU Member States and the EP.
During the first day of work, two thematic sections were addressed, namely the current challenges and progress achieved in the implementation of the National Recovery and Resilience Plans in the light of the integration of the REPowerEU Plan, as well as the multiple economic consequences of the Russian invasion of Ukraine.
In her address, the Director General of the House of Representatives, Ms. Tasoula Hieronymidou, referred to the adoption by the House of Representatives of bills related to the implementation of the Cyprus Recovery and Resilience Plan (CRP). She also referred to the implementation rate of the Cypriot SDS, which is lower than the EU average, with the result that the country-specific recommendations issued by the European Commission, in the context of the Spring Package of the European Semester 2023, recommend accelerating the rate of its implementation, as well as the need to reduce Cyprus' dependence on fossil fuels and the development of electrical interconnections.
Mrs. Ieronymidou stressed that Cyprus must address the challenges identified in the European Commission's Report on Cyprus (May 2023), which outlines the need to take additional actions to accelerate the green transition, through the optimal use of renewable energy sources and the enhancement of energy efficiency and sustainable transport.
Furthermore, it noted that the euro area is particularly vulnerable to the economic impact of the Russian invasion of Ukraine due to its high dependence on imports of Russian fossil fuels and its open economy, which makes it vulnerable to disruptions in global markets and value chains. He also noted that successive crises have tested the resilience of Member States' economies and demonstrated the vulnerabilities and dependencies that need to be addressed immediately, and stressed that the humanitarian aspects of the war remain of paramount importance both for Cyprus and for the other Member States.
Regarding the ongoing discussion on the revision of the EU's economic governance framework, Ieronymidou noted that with the conclusion of the current negotiations by the end of 2023 and the deactivation of the general escape clause, EU Member States will be able to implement new simplified economic governance rules, tailored to the specific needs and challenges of each Member State.
(Text as sent by the House of Representatives)
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