15/03/2023 09:42
The tight timetables regarding the implementation of Recovery and Resilience Plans were described as a challenge by Finance Minister Makis Keravnos during the Economic and Financial Affairs Council of the EU (Ecofin) which was held in Brussels on Tuesday.
EU Finance Ministers endorsed Finland's updated National Recovery and Resilience Plan and were briefed by the Commission on the current status of the Recovery and Resilience Mechanism.
In his intervention, Keravnos briefed his counterparts on the implementation of the national Recovery and Resilience Plan, noting that the main challenge for Cyprus are tight timelines, given the disruptions in supply chains and high inflation.
The Finance Minister briefed the Council on efforts to revise the national plan in such a way that targets and ambitions are not affected, while preventing the allocation of resources to unsustainable and obsolete projects.
Reaffirming their support for Ukraine, ministers were briefed by the Commission on the economic and financial implications of the Russian invasion of the country, focusing on aspects of energy-related financial markets.
During a debate regarding the approval of conclusions on orientations for a reform of the EU economic governance framework, the Finance Minister advocated for "a more realistic and gradual reduction of public debt, taking into account national specificities", according to a press release statement. Cyprus, Keravnos added, agrees with "the promotion of the necessary reforms and investments that will lead to an ambitious green and digital transition."
The Minister also noted that the proposed changes should not jeopardise the sustainability of public finances, and stressed the importance of "ensuring equal treatment by supporting the strict implementation of the new framework, as well as ensuring transparency and accountability to enhance national ownership and implementation".
On Monday, Keravnos attended the Eurogroup meeting where he presented the economic priorities of the new government. The Eurogroup then adopted a statement on the fiscal policy guidelines, exchanged views on inflation and on the strategic policy objectives of a digital euro.
The Eurogroup was also briefed by the European Central Bank and the European Commission on the collapse of Silicon Valley Bank in the United States, receiving assurances that there is no direct exposure to this bank. In this context, the Ministers stressed the need for continuous and close monitoring of developments.
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