The Cyprus Presidency of the Council of the European Union has commenced hosting an informal meeting of the EU Economic and Financial Affairs Council in Nicosia. The two-day summit, chaired by Cypriot Finance Minister Makis Keravnos, brings together the finance ministers and central bank governors of the member states to coordinate policy on pressing economic challenges.
The summit opens on Friday with a working lunch dedicated to reinforcing the competitiveness of the European Union within an increasingly volatile geopolitical climate. Discussions will focus on identifying specific European-level interventions required to enhance economic performance, guided by a strategic policy paper from the Cyprus Presidency and expert briefings from Pierre Gramegna, the Managing Director of the European Stability Mechanism, and Professor Andreas Theophanous.
Following the initial session, ministers and central bank governors will convene for a joint assembly to evaluate the integration and economic functions of stablecoins. This session will be informed by a presidency guidance paper and a presentation by Jeromin Zettelmeyer, the Director of the European economic think tank Bruegel.
Eurogroup session and the digital euro
Concurrently with the informal ECOFIN schedule, the Cyprus Presidency will facilitate a meeting of the Eurogroup on Friday. The session will be chaired by Eurogroup President Kyriakos Pierrakakis and will feature participation from Aurore Lalucq, the Chair of the European Parliament’s Committee on Economic and Monetary Affairs.
The Eurogroup ministers are scheduled to review recent macroeconomic developments across the eurozone, assess competitiveness within the housing sector, and examine the progress of ongoing framework discussions regarding the implementation of the digital euro.
Fiscal sustainability and investment
The ministerial summit will resume on Saturday to address methods for meeting the expanding investment requirements of the European Union while safeguarding long-term fiscal sustainability.
The concluding deliberations will utilize a dedicated guidance paper prepared by the Cyprus Presidency. To assist the policy debate, the delegation will receive presentations from Oya Celasun, Deputy Director of the International Monetary Fund, and Tony Murphy, the President of the European Court of Auditors.
Source: Cyprus News Agency
