The EU Competitiveness Council met today in Luxembourg. Cyprus was represented by the Director General of the Ministry of Energy, Trade and Industry, Mr Marios Panagides.
The discussions focused on the Proposal for a Regulation establishing a framework of measures to strengthen the European semiconductor ecosystem - also known as the Microcircuits Act - which aims to ensure security of supply, as well as to safeguard the EU's resilience and technological dominance in the field of semiconductor applications and technologies. In the debate, the 27 highlighted the importance of uninterrupted supply of semiconductors for a wide range of industries, including strategic activities such as automotive and healthcare. In his intervention, Panagides welcomed the proposed Regulation and stressed that Cyprus is in favour of coordinated European action to address the difficulties faced by the EU. At the same time, he highlighted the importance of the participation of SMEs and start-ups in this effort, stressing that all Member States and all businesses, regardless of their size and geographical location, should be able to benefit from this initiative.
The '27' also exchanged views on strengthening the resilience of European strategic industrial ecosystems. In particular, they called for a stronger economic base to be built, with reduced strategic dependencies in areas such as critical raw materials and semiconductors. In his intervention, Panagides, inter alia, stressed the need to reduce dependencies in order to achieve strategic autonomy, noting that this implies increased investment in green technologies, as well as related reforms at all levels.
The Council also adopted a General Approach on the Proposal for a Directive on consumer credit. The revised Directive repeals and replaces the current 2008 Mortgage Credit Directive and modernises and strengthens the safety net for EU consumers by ensuring that dangerous products are recalled from the market and that credit offers are clear and legible in digital media.
Furthermore, Member States were informed on the progress of work on the Proposal for a Directive on consumer empowerment in the context of the Green Transition, as well as on the programme of work on the proposal for a Directive on consumer empowerment in the context of the Green Transition. In his intervention, Panagides said that Cyprus is in favour of all efforts to strengthen the single market, with emphasis on the standardisation strategy and ensuring funding for small and medium-sized enterprises.
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