The recent joint statement on the Eurozone's fiscal policy orientation for 2025 has met with approval from Cyprus, confirming the cautious and conservative fiscal approach the country has followed thus far, stated Finance Minister Makis Keravnos, who attended the Eurogroup meeting in Brussels on Monday.

During Monday's meeting, discussions centered on the Eurozone's fiscal policy for 2025, as well as the progress in completing the EU's Capital Markets Union.

Speaking upon his arrival at the Eurogroup summit, Mr. Keravnos noted that the fiscal framework for 2025 is based on the recent agreement for the new EU fiscal governance framework. He emphasized that the joint statement under discussion "meets our agreement and satisfies us because it first and foremost confirms the policy we have followed to date, namely the cautious conservative fiscal policy, the effort to transition to a green and digital economy."

Regarding the integration of capital markets, Mr. Keravnos mentioned Cyprus' support for the initiative because the proposal "offers investors security and assurance, which will release funds for the development of the European Union and, of course, Cyprus."

"At the same time, there will be coordinated supervision, a framework that will utilize the existing supervisory structures of each country," he added.

As for the progress of the EU's Recovery and Resilience Mechanism, which will be discussed today at the EU's Economic and Financial Affairs Council, Mr. Keravnos assessed that "Cyprus is moving at a good pace so far. Of course, there are issues which we are addressing along the way, as I think is the case with all countries," he continued, noting that "so far, we have submitted a number of requests and are preparing for the fourth, fifth, sixth, and seventh installments."

"The entire developmental effort is part of this resilience and growth plan, and therefore we must pay close attention so as to achieve the very good results that everyone expects," he emphasized.