Minister of Finance Makis Keravnos met in Luxembourg with his counterparts from Poland and Denmark regarding the preparation of the Cypriot Presidency of the Council of the EU, on the sidelines of the meeting of the Eurogroup on Monday and of the Economic and Financial Affairs Council of the EU (Ecofin) on Tuesday.

In particular, according to a press release, Keravnos attended a meeting with his counterparts from Poland and Denmark in the context of the overall coordination and preparation of the trio of Presidencies of the Council of the EU that will succeed each other every six months during the first half of 2025 (Poland), the second half of 2025 (Denmark) and the first half of 2025 (Cyprus).

The three ministers discussed the main political priorities of ECOFIN that are reflected in the common programme of the Presidency Trio, which is expected to be finalised shortly. It was agreed that contacts will continue during the next period, in order to ensure coherence and continuity between the three presidencies.

During the meeting of the ECOFIN on Tuesday, ministers were briefed by the Commission on the state of play of the implementation of the Recovery and Resilience Mechanism and approved the amended Recovery and Resilience Plans of Portugal and Lithuania.

The Ministers then exchanged views on the consequences of the Russian invasion of Ukraine. According to the statement, Keravnos stressed that Cyprus stands against any invader and that the country supports the Commission's recent legislative proposals for continued support to Ukraine in coordination with the G7 group.

Ministers also adopted conclusions on the EU's participation in the G20 Finance Ministers and Central Bank Governors' Meeting and on the COP29 Climate Change Summit, which will take place on 11 and 12 November in Baku, Azerbaijan.

On Monday, the Minister participated in a meeting of the Eurogroup which focused on EU competitiveness and the next steps for further integration of EU capital markets.

The meeting was also attended by the President of the European Investment Bank, Nadia Calvino, who presented the Bank's plans to support the financing of medium-sized enterprises in the EU.

Keravnos welcomed the presentation by the EIB, underlining the role the Bank can play as a catalyst towards deepening the Capital Markets Union.

Its active participation would allow an increase in the financing options available to businesses, given its expertise, he noted.