Cypriot Finance Minister attends Eurogroup and ECOFIN meetings in Brussels

Cypriot Finance Minister Makis Keravnos traveled to Brussels on November 8, 2026, to participate in the Eurogroup and ECOFIN Council meetings held on November 9. The agenda primarily addressed the ongoing energy crisis, inflation, and European budget coordination. A key focus for the Cypriot delegation was the formal request for further reductions in the special excise tax on heating oil, a measure for which the Minister expressed optimism regarding a positive response from the European Commission.

During the meetings, Keravnos urged European leadership to move beyond conventional policies and implement "imaginative and immediate" solutions to mitigate high energy costs. He emphasized that while the European economy has shown resilience, households continue to suffer from inflation driven by global energy price volatility. The Minister stressed the necessity of sustained support measures for citizens, provided they align with economic sustainability and EU governance rules. Additionally, he highlighted the critical requirement for increased investment in energy transmission networks and the expansion of renewable energy sources to ensure long-term stability.