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- Ελληνικά
Brussels, 13 and 14 July 2023
The EU's Economic and Financial Affairs Council (Ecofin) concluded its work this afternoon in Brussels. Cyprus was represented by Finance Minister Makis Kerynos.
Among other issues, the Council discussed the recent proposals of the European Commission on the financing of the EU budget. The Commission had the opportunity to present its legislative proposals, which were presented at the end of June. In addition, the Commission presented its legislative proposals on customs reform. These proposals were presented by the Commission in May, aiming at an ambitious and comprehensive reform of the EU Customs Union.
Yesterday, Mr Thunder attended the Eurogroup, where Ministers discussed the economic and budgetary situation in the euro area and adopted a joint communiqué. Ministers agreed on the need for a restrictive fiscal policy for 2024, through the withdrawal of support measures to mitigate the negative impact of rising energy prices.
In his intervention, Finance Minister Keraynos agreed that the euro area's fiscal policy for 2024 should not exacerbate inflationary pressures and stressed the need to ensure fiscal sustainability. He agreed with the need to align fiscal policy with monetary policy to contain inflation. It also raised concerns about the impact of the continued rise in interest rates on the economy and inflation, referring to the need to analyse the effects on investment, the capital needs of small businesses and the creation of more jobs, so that the impact on the economy can be better understood. Furthermore, in the context of the discussion, the Finance Minister briefed his counterparts on the government's recent decision to withdraw the generalized support measures brought about by the increase in energy prices and the continuation of only targeted support measures for vulnerable groups of the population until September 1, 2023.
Finally, yesterday, after the end of the Eurogroup meeting, Mr. Thunder attended a ceremony held by the European Investment Bank (EIB) to sign a letter of intent to participate in the EU for Ukraine Fund - EU4U to be established by the EIB in the framework of the "EU for Ukraine" initiative. In his intervention, Mr. Kerynos declared Cyprus' participation in the EU4U Fund, reiterating Cyprus' full support and solidarity with the Ukrainian people, referring also to the fact that Cyprus, as a victim itself of the illegal Turkish invasion and continued occupation of its territories, is a supporter of the principles of international law, including the inviolability of borders.
(NΓ)
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