Finance minister Makis Keravnos expressed satisfaction with the eurozone’s fiscal policy orientation for 2025, as Cyprus’ conservative fiscal approach was already in line with it.

He added that the joint statement “finds us in agreement and satisfies us because it first of all validates the policies we have been pursuing so far, namely a cautious conservative fiscal policy, and the effort for the transition to the green economy and the digital economy“.

Regarding the efforts to unify capital markets, Keravnos said that Cyprus was in favour of this proposal because it “gives investors security and guarantees that will release funds for the development of the European Union and of course of Cyprus.”

He added: “At the same time there will be a coordinated supervision, a framework which will also use the existing supervisory structures of each country.”

Moving on to the state of play of the Recovery and Resilience Facility, which was to be discussed at the Economic and Financial Affairs Council of the EU on March 12, Keravnos assessed that so far “Cyprus is progressing at a good pace“.

He also said: “Of course, there are issues which we are addressing along the way, as I think is the case with all countries. So far we have submitted a number of requests and we are preparing for the fourth, fifth, sixth, and seventh tranches.“