Finance Minister Makis Keravnos will travel to Luxembourg on Wednesday to participate in the upcoming Eurogroup meeting and chair the Ecofin Council the following day as part of Cyprus’ responsibilities during its Council of the European Union presidency.
According to the finance ministry, Eurozone finance ministers meeting on June 11, 2026, will discuss macroeconomic and fiscal developments in the euro area.
They will also be briefed on the International Monetary Fund’s (IMF) assessment of euro area policies.
The discussions will then continue in an enlarged format involving all European Union member states.
During that session, ministers will exchange views on economic and energy security within the European Union, based on a presentation by International Monetary Fund managing director Kristalina Georgieva.
Ministers will also examine the economic implications of efforts to strengthen the EU’s technological autonomy.
The discussion will be based on a presentation by David Ives, professor at the University of London.
Later the same evening, Keravnos will take part in a working dinner on advancing reforms, attended by former European Commission president Jean-Claude Juncker.
On June 12, 2026, the Cypriot finance minister will chair the Ecofin Council, bringing together finance ministers from across the bloc.
According to the finance ministry, ministers will discuss amendments to the regulation governing the Carbon Border Adjustment Mechanism (CBAM) with the aim of reaching a general approach.
The regulation seeks to impose a carbon levy on specific imported products, ensuring a level playing field between European and imported goods.
The proposed changes are intended to improve the effectiveness of the mechanism and extend its scope to additional products.
Ministers will subsequently discuss a package of proposals aimed at the further development of financial market infrastructure and the supervision of capital markets across the European Union.
The debate will be based on a discussion paper prepared by the Cyprus presidency.
The legislative package is designed to deepen the single market for financial services, a move expected to contribute significantly to the competitiveness of the European economy.
Finance ministers will also exchange views on the economic and fiscal consequences of Russia’s invasion of Ukraine.
In addition, the Ecofin Council is expected to approve the revised Recovery and Resilience Plans of Portugal, Slovakia, Spain, Belgium and Poland.
Ministers will then discuss the Spring Package of the European Semester, the mechanism used to coordinate the economic policies of EU member states, following a presentation by the European Commission.
The meeting is also expected to adopt a decision activating Spain’s national escape clause.
Another decision is expected to formally terminate the Excessive Deficit Procedure for Malta.
Alongside the Ecofin meeting, Keravnos will participate in the annual meetings of governors of the European Stability Mechanism and the European Investment Bank, the ministry said.