Finance Minister Makis Keravnos applauded the European Union member states for reaching an agreement on a new mechanism to monitor and evaluate the EU’s next multiannual financial framework, covering 2028 to 2034. The so-called “performance framework regulation” aims to enhance transparency, accountability, and oversight of the EU budget, ensuring it benefits member states, regions, and citizens effectively.

The agreement sets principles such as “no significant harm” to the environment and gender equality, simplifies budget monitoring, and introduces a unified online reporting gateway. It also seeks to harmonize evaluation rules across programmes, reduce administrative burdens, and improve the efficiency of budget performance reporting.

This development comes as member states prepare a common negotiating position for the broader multiannual financial framework, with partial agreements reached on key EU funding programmes. Cyprus, holding the EU Council presidency, has pushed for balanced compromises amid differing member state views, emphasizing the importance of finalizing the budget by year-end to avoid disruptions linked to upcoming elections in France and Poland.