Cyprus Competitiveness Depends On Green And Digital Transition, Minister Says

by THEFUTURE.TEAM

September 10, 2026

Cyprus’ long-term business competitiveness will increasingly depend on how quickly the economy adopts green and digital technologies, Commerce Minister Michael Damianos said Thursday.

More than €500 million has been secured for related measures during the 2021-2027 programming period, with funding supporting entrepreneurship, industrial development, energy upgrades, the circular economy and business digitalization.

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AI, Cybersecurity And Skills Pose Key Challenges

Speaking at the first Cyprus IT Directors Forum during the third Cyprus Tech Summit, Damianos said businesses should adopt artificial intelligence selectively, focusing on tools that solve practical problems, improve decisions and deliver measurable value.

Cybersecurity is becoming equally important as more business activity moves online, he said, linking digital resilience to business continuity, governance and trust. Human resources remain another challenge, with digital investment requiring specialized skills, continuous training and workplaces that can adapt to technological change.

Technology Can Help Smaller Businesses Compete

For Cyprus’ small, open economy, productivity, international market access and the ability to adapt quickly are increasingly important. Damianos said technology can improve customer service, inventory and supply chains in retail, while helping manufacturers increase efficiency, reduce energy and raw-material use, and strengthen quality control.

Small and medium-sized businesses can also use technology to offset disadvantages of scale and create new opportunities for growth.

CIOs Take On A Broader Strategic Role

Damianos said chief information officers are increasingly moving beyond IT systems and infrastructure to participate in business strategy and executive decision-making.

“Security is now a matter of business continuity, corporate governance and trust,” he said.

The government, he added, should not replace private-sector initiative but can reduce barriers, support investment and strengthen cooperation among businesses, technology companies, research institutions and the public sector.

Through funding, skills development and cooperation, Damianos said Cyprus can strengthen productivity, resilience and competitiveness as the economy undergoes its green and digital transition.

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EU Agrees On Major Overhaul Of Financial Market Supervision

by THEFUTURE.TEAM

October 9, 2026

European Union finance ministers have reached agreement on a sweeping package designed to strengthen oversight of the bloc’s financial markets, in a move aimed at reducing fragmentation and improving the flow of capital across borders.

A Push To Deepen Capital Markets

The Market Integration and Supervision Package, or MISP, would grant the European Securities and Markets Authority direct supervision over major market operators that are currently regulated by national authorities. The reforms are intended to make Europe’s capital markets more integrated, more efficient and better able to channel savings into productive investment.

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According to the Irish presidency, the package is meant to help savings and investments move more freely across the European Union, improving access to finance for companies while giving households broader opportunities to earn returns on their savings.

What The Reform Would Change

Under the new framework, ESMA would take direct oversight of key trading venues, clearing houses, securities settlement bodies and crypto-asset service providers. The package would also establish a permanent, independent executive board within the regulator, strengthening its institutional capacity.

Market operators would be able to opt into a new EU-wide operating framework. In parallel, the reforms would seek to make national supervision more consistent and update rules governing trading, transaction completion, investment management and the use of blockchain technology.

Why The Agreement Matters

Supporters of deeper capital markets argue that Europe has long paid a price for regulatory inconsistency. While many rules are harmonised across the bloc, differences in enforcement and supervision have contributed to a patchwork system that can make cross-border investment slower and more costly.

A more integrated framework, proponents say, could lower costs for companies seeking funding and broaden the menu of investment options available to savers and institutional investors alike.

Outstanding Questions Remain

Despite the broad agreement, some important details remain unresolved. Trading venues operated by Deutsche Börse, the company behind the Frankfurt stock exchange, may remain outside ESMA’s direct supervision.

Euronews previously reported that Germany had secured an exemption for Deutsche Börse’s domestically focused trading venues, leaving part of the system under regional supervision. The latest announcement did not clarify whether that arrangement will stand.

A Step Forward For The Savings And Investments Union

Dutch Finance Minister Eelco Heinen welcomed the deal, calling it a major advance for the Capital Markets Union and saying Europe had made more progress in 10 months than in the previous 10 years.

The agreement is an important milestone in the Savings and Investments Union, the EU’s broader effort to channel more of Europeans’ savings into investments that can support growth, innovation and competitiveness across the bloc.

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