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- Ελληνικά
15-16 January 2024
The EU's Economic and Financial Affairs Council (Ecofin) concluded its work today in Brussels.
The Council focused on the main economic policy priorities for 2024, in the context of the European Semester process. Ministers adopted conclusions that the EU economy remains resilient despite a slowdown in 2023. According to the conclusions, a gradual recovery in growth is expected in 2024, supported by strong labour market returns and the ongoing process of disinflation in an environment, however, of heightened uncertainty and risks due to geopolitical turbulence. The Council underlines the need for continued prudent fiscal policy in 2024, focusing on investment and reforms towards a green and digital transition.
Ministers then exchanged views on the economic consequences of the Russian invasion of Ukraine, including the European Commission's proposals on the use of revenues from assets of the Russian Central Bank.
The Belgian Presidency's priorities for the work of the Council were also presented. In this context, appropriate policies, both at national and collective level, to increase the resilience of the euro area economy against adverse energy shocks were discussed.
In his intervention, the Minister of Finance highlighted the negative impact of the rapid increase in oil prices on the Cypriot economy over the last two years, in particular on inflation and the competitiveness of the Cypriot economy, given the high dependence on fossil fuels for electricity and transport.
In his intervention, the Minister of Finance highlighted the negative impact of the rapid increase in oil prices on the Cypriot economy over the last two years, in particular on inflation and the competitiveness of the Cypriot economy, given the high dependence on fossil fuels for electricity and transport. He noted that natural gas is not yet available in the country's energy mix, which is mostly oil-based and to a lesser extent dependent on renewable energy sources.
He then highlighted the importance of the implementation of the national recovery and resilience plans to achieve the objectives of the Green Transition and presented the measures that Cyprus is implementing through its National Plan, which constitute about 45% of the total amount of funding.
Further, Mr.Keraynos noted that Cyprus has intensified its efforts to diversify its energy mix, putting an end to its energy isolation. In this direction, it is developing its own natural gas fields with export prospects in the next 4 to 5 years, it is developing the necessary infrastructure for the direct import of liquefied natural gas, while it is accelerating the development of electrical interconnections that will allow a much faster integration of renewable energy sources into the electricity system and the export of electricity from renewable sources.
Concluding his statement, the Minister stressed the importance of close and continuous monitoring of energy prices
