EU Finance Council Confronts Economic Challenges Under Cyprus Presidency

by THEFUTURE.TEAM

January 25, 2026

Inaugural Meeting Under Cyprus Leadership

The first Finance Ministers Council under Cyprus’ Presidency convened in Brussels with Finance Minister Makis Keravnos at the helm. The meeting, held on Tuesday and reviewed further on Thursday during the subsequent Cabinet session, set a decisive tone for addressing pressing issues within the European economy.

Economic Outlook And Strategic Priorities

Minister Keravnos stressed that the Council tackled several critical topics, including the current challenges confronting the European economy. He pointed out that a central theme of discussion was the trajectory of Europe’s economic outlook, including the implications of the Recovery and Resilience Plan—a pivotal initiative that will guide developmental expenditure until mid-2026. As Cyprus assumes the Presidency, it is expected to steer this landmark program into its next phase effectively.

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Funding Ukraine And International Developments

The deliberations also encompassed the continuation of financial support for Ukraine in light of the ongoing challenges posed by the Russian invasion. Moreover, the Council initiated discussions on broader international developments, notably issues affecting Greenland—a subject that has drawn significant attention among EU finance ministers ahead of the evening discussions scheduled for heads of state.

Looking Forward

The outcomes of this inaugural meeting underscore a proactive approach by the EU under its new Cyprus Presidency. The strategic priorities discussed not only reaffirm the commitment to strengthening Europe’s economic resilience but also highlight the interconnected nature of global economic and geopolitical challenges.

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Cyprus Introduces €200 Million Support Measures To Cut Energy And Food Costs

by THEFUTURE.TEAM

March 27, 2026

Comprehensive Relief Measures For A Resilient Economy

The government of Cyprus introduced support measures exceeding €200 million to reduce household expenses and support key sectors. The package targets energy costs, food prices, tourism and agriculture. Measures come in response to rising costs and supply pressures. Implementation begins in April and May 2026.

Energy And Fiscal Reforms

The government will reduce VAT on electricity for households to 5% from May 1, 2026, to March 31, 2027. The measure is expected to lower energy bills. Special consumption tax on transport fuels will decrease by 8.33 cents per liter between April and June 2026. Policy targets fuel-related costs.

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Broadening The Zero VAT Initiative

Authorities will expand the list of products with zero VAT. Meat, poultry and fish will be included from April 1 to September 30, 2026. Existing zero-VAT categories already include fruits and vegetables. The government also decided not to introduce a green tax on fuels, avoiding an additional cost of about 9 cents per liter.

Sector-Specific Supports

The package includes a 30% wage subsidy for hotel employees for April 2026. Measure supports tourism businesses during the early season. Support for airlines aims to maintain connectivity with key destinations. The agriculture sector will receive subsidies covering 15% of costs for fertilizers and supplies in April and May.

Economic Stability, National Security

President Nikos Christodoulidis said economic stability remains a priority for the government. He noted that growth, fiscal balance and inflation trends support current policy decisions. Statement links economic policy with broader national priorities. The government continues to monitor external risks.

Ensuring Consumer Protection

Furthermore, the government has mandated rigorous market oversight and intensified inspections to prevent exploitative pricing during this period of economic intervention. This proactive stance ensures that the benefits of the measures directly serve the citizens without unintended inflationary impacts.

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