Cyprus praises EU financial plan for 2025

The joint statement on the orientation of the eurozone’s fiscal policy for 2025 satisfies Cyprus as it validates the cautious and conservative fiscal policy that Cyprus has followed so far, Minister for Finance Makis Keravnos said in Brussels, where he was attending the meeting of the Eurogroup on Monday.

The meeting focused on the eurozone’s fiscal policy for 2025, as well as on the path to complete the Capital Markets Union of the EU.

Speaking upon arriving at the Eurogroup meeting, Keravnos said that the fiscal framework for 2025 is based on the recent agreement for the new EU fiscal governance framework.

He added that the joint statement being discussed "finds us in agreement and satisfies us because it, first of all, validates the policies we have been pursuing so far namely a cautious conservative fiscal policy, and the effort for the transition to the green economy and the digital economy".

Regarding the efforts to unify capital markets, Keravnos said that Cyprus is in favor of this proposal because it "gives investors security, guarantees that will release funds for the development of the European Union and of course of Cyprus."

"At the same time there will be a coordinated supervision, a framework which will also use the existing supervisory structures of each country," he added.

Regarding the state of play of the Recovery and Resilience Facility, which will be discussed at the Economic and Financial Affairs Council of the EU on Tuesday, Keravnos assessed that so far "Cyprus is progressing at a good pace".

"Of course, there are issues which we are addressing along the way, as I think is the case with all countries," he continued, noting that "so far we have submitted several requests and we are preparing for the fourth, fifth, sixth and seventh tranches."

"The whole development effort falls within this resilience and development plan and therefore we have to give it all our attention so that we get the excellent results that we all expect," he stressed.