Finance Minister Makis Keravnos is travelling to Luxembourg on Wednesday, 7 October, 2026, to participate in the Eurogroup and ECOFIN Council meetings on 8 and 9 October, respectively.
The Ministry of Finance said in a press release that the two meetings will address «critical issues regarding the effectiveness of public finances—as defined by the European Economic Governance Framework—and the impact of the energy crisis on the European economy.»
«As the Finance Minister has already publicly stated, Cyprus has requested a derogation regarding the excise duty on heating oil,» the press release noted.
«Furthermore, Cyprus has expressed a positive stance, alongside other member states, regarding the creation of additional fiscal space within the context of economic governance flexibility, thereby enabling member states to effectively support and protect citizens and businesses,» it added.
On Thursday, 8 October, Keravnos will participate in the Eurogroup meeting, where Ministers will exchange views on the challenges and opportunities associated with enhancing the effectiveness and efficiency of public finances, based on a presentation by the Commission.
«The discussion will focus on specific aspects of the issue and relevant policy priorities, serving as a framework for further work and discussions envisaged in the Eurogroup’s work programme,» the press release said. «Furthermore, Ministers will examine how developments in the energy market affect fiscal and structural policies in the euro area,» it pointed out.
On the evening of Thursday, 8 October, Ministers will attend an informal working dinner to discuss the legislative package on market integration and supervision, based on a reflection paper, with the aim of facilitating an agreement during the formal session of the Ecofin Council the following day.
On Friday, 9 October, the Cypriot Minister will participate in the ECOFIN Council, where views will be exchanged on recent economic developments. Subsequently, EU Ministers will discuss the taxation of windfall profits made by energy companies, based on a relevant document from the Irish Presidency. Taxation Commissioner Wopke Hoekstra will present the European Commission’s report on the tax compliance gap in Member States for 2026.
During the Council meeting, a compromise proposal from the Irish Presidency regarding market integration and supervision will also be examined.
The Council is expected to adopt conclusions on climate finance ahead of the 31st UN Climate Change Conference (COP31) —scheduled to take place in Antalya from 9 to 20 November 2026— as well as the mandate for the EU’s participation in the meeting of Finance Ministers and Central Bank Governors of the G20, which will take place on 15 October, 2026, in Bangkok.
(Source: CNA)
