Cyprus Finance Minister to Advocate for Energy Cost Relief and Fiscal Flexibility at EU Meetings
Finance Minister Makis Keravnos will prioritize easing the financial burden of energy costs on households and businesses during upcoming Eurogroup and ECOFIN meetings in Luxembourg on October 8 and 9, 2026. Cyprus is seeking a derogation on the excise duty on heating oil to reduce winter heating expenses, a measure aimed at directly assisting households.
Keravnos also called for increased fiscal flexibility within the EU’s economic governance framework. He emphasized the need for rules that can adapt to exceptional circumstances, allowing governments to respond effectively to economic pressures and support citizens and businesses. Cyprus is collaborating with other member states to advocate for this increased fiscal space.
At ECOFIN, discussions will focus on deepening market integration and supervision in European financial services. Cyprus will support the Irish presidency’s efforts to reach an agreement while ensuring safeguards that consider the specific needs of smaller markets like Cyprus. Keravnos highlighted the importance of balancing Europe's economic competitiveness with citizen protection in these deliberations.
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