Cyprus finance minister discusses the impact of artificial intelligence on economic policy

On November 3, 2026, Cyprus Minister of Finance Makis Keravnos delivered an annual lecture at the University of Cyprus titled 'Artificial Intelligence in the Service of Economic Policy'. During his address, he characterized AI as the most significant technological revolution of the 21st century, noting its potential to reshape government operations, tax administration, public spending, and economic forecasting. He emphasized that the integration of this technology must be guided by human-centric political choices to avoid social inequalities and dystopia.

Regarding the institutional framework, the minister confirmed that Cyprus is finalizing its national legislation to implement the European Union's Artificial Intelligence Act. A techno-economic study on the matter is expected to be completed within days. The Ministry of Research, Innovation and Digital Policy has been designated as the primary body for strategic coordination. Keravnos clarified that while AI will automate certain tasks, it will not replace public servants, stressing that the goal is to enhance overall economic productivity and national competitiveness.