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Monday, May 27, 2024

Support for Ukraine and the Capital Markets Union were discussed by Keravnos in Brussels (video)

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    Ukraine support and Capital Markets Union discussed in Brussels by Keravnos – What he said after the Ecofin session

    Cyprus “supports efforts to relieve the people of Ukraine” as the country faces a military invasion by a third country, something for which Cyprus has particular sensitivity, said the Minister of Finance, Makis Karevonos, after the session of the Council of Economic and Fiscal Affairs of the EU (Ecofin) held on Tuesday.

    In his statements, Mr. Keravnos also referred to the discussion held on Monday at Eurogroup on the subject of the Capital Markets Union.

    Among other things, Mr. Keravnos stated that “we discussed issues concerning the competitiveness of the European economy and we have established that additional investments are needed in the field of innovation, digital transition and human resources”.

    During the meeting the 27 Ministers of Finance approved the National Reconstruction Plan of Ukraine, in the presence of the country's Minister of Finance, Serhii Marchenko, via video conference, who thanked his counterparts for the continued support of the EU.

    The approval of the plan paves the way for the disbursement of regular payments from the EU under the Ukraine Facility, which includes up to €50 billion in loans and financing for the country until 2027.

    In his statements, Mr. Keravnos said that in his session Ecofin confirmed the support of all member states to Ukraine, which “accepts an invasion, military, from a third country”. He added that “Cyprus supports the efforts to relieve the people of Ukraine” who “accept the burden of this invasion, for which as Cyprus we have particular sensitivities”, as “we too are a victim of invasion and military occupation by a third country ».

    Referring to the results of the meetings, which began on Monday with the meeting of the Eurogroup, Mr. Keravnos stated that the Ministers discussed the economic and fiscal developments, pointing out that the conclusion was “that there is greater optimism despite the fact that there is great uncertainty due to the geopolitical developments”.

    According to a relevant announcement released by the GTP, on Monday within the framework of the Eurogroup, the Commission presented the economic developments based on the Spring Forecasts which are expected to be announced on Wednesday, May 15. According to the EU, the statement noted, it reaffirmed that the rate of economic growth is expected to accelerate further in 2024, with inflation declining to return to the 2% target in 2025. It was underlined, however, that the risks underlying geopolitical developments remain.

    Capital Markets Association

    The Eurogroup also discussed the issue of the integration of the capital markets, Mr. Keravnos noted in his statements, stressing that it is “an issue that Cyprus supports and an issue that will release funds that will be promoted in development for the good of the economies of the member states”.

    According to the announcement, the Finance Ministers of the Eurozone discussed in an expanded composition (i.e. with the participation of the Finance Ministers of the 27 member states) the next steps to deepen the Capital Markets Union, exchanging views on the national measures being implemented and adopting a road map discussions, for the next period, based on the mandate of the leaders to intensify the work.

    In his intervention, Mr. Keravnos reiterated Cyprus's support for efforts to accelerate the deepening of the Capital Markets Union in the EU. He further pointed out that Cyprus continues to support every effort that will contribute to the development of a competitive capital market that ensures financial stability and resilience.

    In this context, it reiterated support for the promotion of targeted measures, as agreed with the Eurogroup Statement in March 2024, following a relevant impact analysis by the EU, including on the subject of the integration of capital markets supervision within the EU.

    At the same time, the Minister of Finance agreed with the program of further work and discussions of the Eurogroup on the basis of a relevant proposal from the President of the Eurogroup. Mr. Keravnos also briefly referred to the national initiatives implemented by Cyprus to promote the deepening of the Capital Markets Union, with an emphasis on the implementation of the national Strategy for improving financial illiteracy. Finally, they exchanged views on the ways in which investments in research, innovation and human capital can improve the competitiveness of the EU economy.

    Also according to the announcement from the IGD, Finance Ministers reached during Ecofin on Tuesday a general approach agreement on the tax FASTER proposal, which provides for more efficient and safer withholding tax procedures in the EU for investors, financial intermediaries and the tax administrations of the member states.

    The aim of the proposal is to fight tax fraud and support cross-border investment across the EU, it is noted.

    Also, Finance Ministers approved the revised Recovery and Resilience Plans of Italy and Spain, while also adopting conclusions in relation to the fiscal consequences of the aging population, but also the importance of financial education.

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    Source: cyprustimes.com

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