Cyprus supports the adoption of the Digital Euro and emphasises the need to safeguard the resilience of the financial sector, Finance Minister Makis Keravnos told EU counterparts at the Economic and Financial Affairs Council (Ecofin), which concluded on Tuesday in Brussels.

According to a Ministry of Finance press release, EU Ministers exchanged views on the Digital Euro legislative package based on a discussion paper prepared by the Danish Presidency. Minister Keravnos welcomed efforts towards agreement, describing the Digital Euro as a crucial step in the EU’s digital transition and to enhance Europe's autonomy and competitiveness.

The Council also addressed the European Commission’s proposal to revise the EU securitisation framework. The Cypriot Minister expressed support for the goal of channelling more investment into the real economy but stressed the importance of ensuring that new rules do not undermine financial stability. He stressed the need for simplification of due diligence requirements and the application of proportionality, particularly for smaller market participants, drawing on lessons from past crises.

These elements, he said, are vital for reducing unnecessary barriers and supporting a safe, transparent securitisation market across the EU, which would contribute to capital markets union and diversified financing.

The Danish Presidency presented its work programme for the coming six months, prioritising European defence and improving economic competitiveness.

CNA/TNE/EPH/2025

ENDS, CYPRUS NEWS AGENCY