The EU ought to finance investments in cutting-edge applied sciences, Minister of Finance Makis Keraynos mentioned, amongst different issues, in Budapest the place he participated within the work of the Eurogroup
The first goal ought to be the financing by the EU of investments in cutting-edge applied sciences, which is able to contribute decisively to the achievement of local weather neutrality targets, whereas bettering the competitiveness of the European economic system, mentioned Finance Minister Makis Keravnos.
Mr. Keravnos was talking in Budapest the place he participated within the work of the Eurogroup in addition to the Casual Council on Financial and Fiscal Affairs of the EU (Ecofin) which ended on Saturday.
An announcement from the Ministry states that the Minister participated within the work of the Eurogroup, the place the Ministers had been knowledgeable by the European Fee and the European Central Financial institution concerning the newest macroeconomic developments within the Euro zone.
In line with the evaluation of the European establishments, the eurozone economic system, in the course of the second quarter of the yr, continued to point out a optimistic progress price which, nevertheless, remains to be at a low degree, whereas inflation is lowering, based mostly on the spring forecasts of the European Fee , the assertion mentioned.
He provides that based on the most recent knowledge, the Cypriot economic system in the course of the second quarter of the yr confirmed a progress price of three.7% of GDP on an annual foundation. This price was the second highest amongst euro space member states and the third highest amongst all EU member states.
The casual Ecofin began with a working lunch, wherein the Finance Ministers exchanged views with IMF Managing Director Ms. Kristalina Georgieva, relating to new financing alternatives to help low-income nations to satisfy as we speak's international challenges, similar to coping with the results of local weather change.
Mr. Keravnos identified that the help of nations with low incomes ought to proceed, accompanied by the creation of infrastructure of productive models and technical help. Such insurance policies will probably be acceptable, he famous, resulting in efficient reforms, which may also be helpful to the achievement of the EU's essential insurance policies, such because the inexperienced transition and tackling migration flows.
Afterwards, the Ministers exchanged views relating to the sustainable financing of the inexperienced transition. It was identified that with the intention to obtain the inexperienced transition targets, giant investments will probably be wanted, and given the budgetary constraints, the simultaneous participation of the non-public sector is critical.
For his half, Mr. Keravnos acknowledged the significance of personal investments to realize the targets of the inexperienced transition, whereas mentioning the truth that the planning of public investments mustn’t threaten fiscal stability.
Moreover, he underlined that within the case of member states with the particular traits of Cyprus – such because the insular character and the gap from the remainder of the EU member states – the wants for public investments are even larger, exerting elevated budgetary pressures.
Mr. Keravnos indicated that proposals such because the “Match for 55” legislative package deal don’t bear in mind the particularities of small states and cited for instance the duty to impose taxes on motor fuels, on the similar time that Cyprus doesn’t have an sufficient public transportation community.
In conclusion, he famous that the first goal ought to be the financing by the EU of investments in cutting-edge applied sciences, which is able to contribute decisively to the achievement of local weather neutrality targets, whereas bettering the competitiveness of the European economic system.
Lastly, the ministers exchanged views relating to the results of demographic adjustments on public debt sustainability. As discovered, demographic adjustments ought to be taken significantly sooner or later design of fiscal insurance policies.
Supply: KYPE
