An agreement on strengthening the CBAM, progress on advancing the integration of European capital markets, and discussions on financial support for Ukraine marked the final meeting of the Economic and Financial Affairs Council (ECOFIN) under the Cyprus Presidency.
Following the meeting, which took place on Friday in Luxembourg, Finance Minister Makis Keravnos expressed satisfaction with the results achieved during the six-month Cyprus Presidency. He highlighted the agreement on the pound 90 billion loan package for Ukraine, progress on the reform of the EU customs framework, and advancements on the package concerning market integration and supervision.
According to the Minister, these achievements reflect the Cyprus Presidency’s objective of promoting a European Union that is both more strategically autonomous and open to the world.
Referring to the outcomes of the meeting, the Minister stated that the Council reached an agreement on its position regarding amendments to the CBAM Regulation, stressing that it is an important tool for preventing carbon leakage and supporting both industry and national authorities.
He noted that the agreement provides for an extension of the mechanism’s scope and establishes a procedure for the temporary exemption of specific products in cases of serious disruption to the internal market. He added that the Commission’s proposal was also strengthened in several areas relating to anti-circumvention measures.
At the same time, ministers held a policy debate on the package concerning the integration and supervision of European capital markets. According to the Finance Minister, advancing this file was a key priority of the Cyprus Presidency, and the discussion helped clarify member states’ positions on issues such as the scope of direct supervision by the ESMA and its proposed new governance model.
He added that the Cyprus Presidency is handing over a mature file to the Irish Presidency for the continuation of negotiations.
During the meeting, ministers also discussed the economic and financial impact of Russia’s war against Ukraine. The Minister said that the European Commission updated the Council on progress in implementing the pound 90 billion support loan for Ukraine, with the final procedural steps underway ahead of the first disbursement.