Cypriot Finance Minister calls for EU solutions to energy crisis and cost of living

Cypriot Finance Minister Makis Keravnos traveled to Brussels on Monday, November 9, 2026, to participate in the Eurogroup and Economic and Financial Affairs Council (ECOFIN) meetings. The primary focus of these discussions is addressing the persistent energy crisis, rising inflation, and the ongoing cost of living crisis affecting European households.

During the meetings, Keravnos urged European leadership to "think outside the box" to develop creative and immediate measures to mitigate inflationary pressures. He specifically advocated for increased investment in power distribution grids and a deeper integration of renewable energy sources. Furthermore, the minister confirmed that Cyprus is awaiting a decision from the European Commission regarding a request to further reduce excise duties on heating oil, noting that initial feedback from Commission services appeared positive.

Keravnos argued that Cyprus' current economic health, characterized by fiscal surpluses, declining public debt, and a growth rate of approximately 3%, should be considered when implementing EU-wide economic policies. He emphasized that a one-size-fits-all approach is insufficient and urged that relief measures be maintained without violating EU fiscal governance rules. Ministers are also reviewing national budget projections for 2027 during this session.