Cyprus concludes its EU Council presidency with focus on financial and economic reforms

On July 14, 2026, Cypriot Finance Minister Makis Keravnos presented a review of the country's six-month presidency of the Council of the European Union. Keravnos stated that the presidency contributed to key legislative advancements in economic and fiscal sectors, including customs union modernization, capital markets integration, and tax cooperation. The policy agenda aimed to strengthen the EU's financial autonomy, competitiveness, and productivity amidst geopolitical instability. Key focus areas included the war in Ukraine, conflicts in Gaza and the Middle East, and their impact on European energy security. Progress was also reported on the development of the 2028-2034 Multiannual Financial Framework. During his tenure, the Minister presided over five ECOFIN meetings, one General Affairs Council on cohesion policy, and informal summits of finance ministers and central bank governors. The presidency concluded that it successfully promoted sustainable growth and fiscal stability during a volatile period.