The EU's Economic and Financial Affairs Council (Ecofin), which took place from 14-15 March 2022, concluded yesterday afternoon in Brussels. Cyprus was represented by the Director General of the Ministry of Finance, Mr. George Panteli.
The Council's discussions focused on the economic and financial consequences of the sanctions imposed on Russia following its invasion of Ukraine. In his intervention, Panteli expressed Cyprus' full solidarity with Ukraine and the Ukrainian people. Regarding the sanctions imposed on Russia, the Director General, after referring to the general impact the sanctions are expected to have on the EU economy, noted that in the case of Cyprus we will mainly face challenges in the tourism and energy sectors.
The '27' also decided by a large majority to create a Carbon Border Adjustment Mechanism (CCM) based on the European Commission's proposal, while an orientation debate was held on the proposal to transpose into EU law the global agreement reached at OECD level whereby large multinational companies will be subject to a minimum tax rate of 15%.
On Monday 14 March, Mr Pantelis participated in the Eurogroup's proceedings, which dealt with the economic situation and the coordination of budgetary policy in the euro area in the light of the war in Ukraine. There was also a discussion on the Banking Union, as well as on the enhanced surveillance report on Greece.
(EC/EXP)
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