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The work of the EU's Economic and Financial Affairs Council (Ecofin) concluded this afternoon in Luxembourg. The Council's proceedings focused on the proposed reform of the EU's economic governance framework, where the European Commission presented its legislative proposals to the Ministers. These proposals were presented by the Commission at the end of April following a lengthy consultation with member states. The proposals aim to ensure the sustainability of public debt and promote sustainable growth in all Member States through reforms and investments towards the digital and energy transition.
In his intervention, the Finance Minister welcomed the legislative proposals of the European Commission, stating that they provide a good basis for the technical discussions that will follow in the near future. Cyprus, the Minister continued, recognises the advantages of the proposals as they will allow for a more realistic and gradual reduction of public debt, taking into account the specific challenges of each country, while the necessary reforms and investments towards the green and digital transition can be promoted. At the same time, Mr Thunder stressed that it is important that the proposed changes do not jeopardise fiscal sustainability, underlining the importance of ensuring an effective implementation of the new framework.
Cyprus stands ready to work constructively during the negotiation process in order to reach a compromise agreement within 2023.
(OP/CSF)
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