EU finance ministers conclude sessions under the Cyprus Presidency

The final ECOFIN meeting under the Cyprus Presidency took place on Friday in Luxembourg, chaired by Minister of Finance Makis Keravnos. The council reached a general agreement on modifications to the Carbon Border Adjustment Mechanism (CBAM) regulation, focusing on preventing carbon leakage and supporting industry through expanded scope and provisional exemption procedures. Ministers discussed financial aid for Ukraine, confirming a loan arrangement worth 90 billion euros. Discussions were held regarding the integration and supervision of European capital markets, including the governance model of the European Securities and Markets Authority (ESMA). The agenda also covered progress in the reform of the EU customs framework. European Commission representatives, including Valdis Dombrovskis, Wopke Hoekstra, and Maria Luís Albuquerque, attended the session. The Cyprus Presidency highlighted these outcomes as steps toward a more autonomous yet globally open European Union.