Finance Minister Makis Keravnos reaffirmed Cyprus’ support for adopting the digital euro this week, during an EU economic and financial affairs council meeting (Ecofin) in Brussels.

At the meeting, the Cypriot minister also stressed the need to safeguard financial sector resilience.

Keravnos backed the Danish presidency’s efforts to reach an agreement on the Digital Euro, describing it as essential for Europe’s digital transition and for strengthening the bloc’s autonomy and competitiveness.

Ministers also reviewed the European Commission’s proposal to revise the EU securitisation framework. Keravnos welcomed the initiative but warned that the measures must not weaken financial stability.

He called for simplified due diligence requirements and proportionality measures for smaller market participants, citing lessons from past crises.

“These steps are vital for removing barriers and developing a secure, transparent securitisation market to support capital market integration and diversified financing across the EU,” the ministry said.

Moreover the council adopted the measures required for Bulgaria’s Eurozone entry on January 1, 2026, recommendations on Austria and Lithuania’s fiscal plans, and excessive deficit procedures for Austria and Romania.

Ministers also endorsed the EU’s position for the G20 Finance Ministers and Central Bank governors meeting on July 17-18.

In addition, they reviewed progress on the Recovery and Resilience Facility and approved updated national plans for Austria, the Czech Republic, Germany, Denmark, Ireland and Belgium.

On Monday’s Eurogroup meeting, Pascal Donoghue was re-elected president for another 2.5 years. Ministers adopted a statement on the Eurozone’s fiscal stance for 2026, which is seen as restrictive, ahead of budget preparations