Cyprus Finance Minister Mr. Makis Keravnos emphasized the need for flexible economic governance at ECOFIN to address rising inflation and support citizens and businesses.
Cyprus Finance Minister Mr. Makis Keravnos stated upon arrival at the European and Financial Affairs Council (ECOFIN):
“Armed conflicts are escalating and the energy crisis has reached its peak, threatening our households and businesses and, I would go as far as to say, the Republic [of Cyprus] itself. There is, therefore, an urgent need for action and for solutions to support our citizens and our businesses.”
He added that he expects the European Commission to respond to the calls of all Member States and that a way must be found to allow for additional spending through greater flexibility in the current economic governance framework to support the economy, society, and citizens.
Mr. Keravnos highlighted that citizens’ needs are rising in line with inflation, which increases expenditure, and emphasized that the current economic governance framework should consider inflation, which is rising sharply. He expressed hope for further discussion and a solution.
Source: Official Government Website
