Finance Minister Makis Keravnos is travelling to Luxembourg to attend the Eurogroup and ECOFIN meetings, where he will seek an exemption from the excise duty on heating oil.
The measure aims to provide immediate relief from the costs faced by households during the winter months.
Cyprus raises energy cost concerns
In a written statement, Keravnos said the impact of energy developments on households and businesses would be a central priority in discussions at both EU institutions.
Cyprus, together with other member states, will also raise the need to create additional fiscal space through greater flexibility within the EU’s economic governance framework.
The aim, according to Keravnos, is to allow member states to protect citizens and businesses effectively when circumstances require it.
He stressed that economic rules should keep pace with developments and current conditions.
Financial markets on ECOFIN agenda
Financial market integration and supervision will be among the main issues discussed at ECOFIN.
Keravnos said a more integrated European financial services market could make it easier for businesses to access financing and strengthen Europe’s competitiveness.
He added that Cyprus would contribute constructively to efforts by the Irish Presidency to reach an agreement.
At the same time, the Cypriot side will insist that the particular circumstances of smaller markets, including Cyprus, are taken into account.
Competitiveness and consumer protection
Keravnos said strengthening Europe’s competitiveness must go hand in hand with protecting its citizens.
He said this principle would guide Cyprus’ position during the upcoming discussions in Luxembourg.
Also read: Where did the 23.8-cent petrol price increase come from?
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