The EU should “stay focused on the key issues of concern”, Finance Minister Makis Keravnos said after the conclusion of the Economic and Financial Affairs Council of the EU (Ecofin), which was held on Tuesday in Brussels.

Commenting on discussions on the EU’s role regarding Ukraine, Keravnos confined himself to saying that at this juncture, conversations in the Eurogroup and in Ecofin “are taking place in the context of an environment that is constantly moving”.

“Developments are rapid and many of these developments also raise serious concerns,” he added, referring later in his statement to the need for dialogue with the US.

“The European Union should stay focused on the key issues of concern, such as competitiveness, deepening the integration of capital markets and the banking system, improving productivity and reducing bureaucracy so that we become even more competitive,” he said.

He added that “at the same time, on the basis of a coherent strategy, there should be a dialogue with those necessary, at this time also with the United States of America, to address potential challenges”.

“We, as Cyprus, support a coherent strategy for the growth and competitiveness of the European economy, putting an emphasis, as a small country, on reducing bureaucracy and excessive administrative costs,” he concluded.

According to a finance ministry press release, during the Council, the ministers exchanged views on the simplification and improvement of the business environment in Europe, based on the recent Competitiveness Compass.

They also exchanged views in relation to the consequences of the Russian invasion of Ukraine, especially when it comes to the effective implementation of sanctions.

In an intervention, Keravnos pointed out the need to tackle long-standing obstacles and bureaucracy in order to help small- and medium-sized enterprises, and to create a growth-friendly environment.

The minister said he was positive about the involvement of the European Investment Bank to improve access to finance, while noting the need to make progress in both the Capital Markets Union and the Banking Union.

He also welcomed the intention to create a Competitiveness Fund under the next Multiannual Financial Framework of the EU, while stressing the need to ensure that funding is directed to all member states.

Keravnos said that in the context of the Cyprus presidency of the EU Council during the first half of 2026, Cyprus will work constructively to simplify and reduce administrative burdens.

On Monday, Keravnos participated in a Eurogroup meeting, which focused on the macroeconomic outlook and challenges of the Eurozone in the light of global geopolitical developments.

He also met with Commissioner for Fisheries and Oceans Costas Kadis.