Keravnos Calls for EU Action: Boosting Competitiveness and Defence a Top Priority

Luxembourg – Cyprus' Finance Minister, Makis Keravnos, has issued a strong call for the European Union to urgently prioritize measures that will enhance its economic competitiveness and strengthen its collective defence capabilities. Speaking upon his arrival at the Economic and Financial Affairs Council (Ecofin) meeting in Luxembourg on Friday, Keravnos underscored the critical need for a concerted effort across member states to address these challenges.
The Ecofin Council, a key forum for EU economic policy coordination, brings together the finance ministers of the member states. Keravnos’ intervention highlights a growing sentiment within the EU regarding the need to bolster both economic resilience and security in an increasingly complex global landscape.
Boosting European Competitiveness: A Key Focus
Keravnos emphasized that improving European competitiveness is not merely an economic objective but a strategic imperative. He argued that the EU must actively work to foster innovation, streamline regulations, and create a more attractive environment for investment. This includes addressing issues such as skills gaps, promoting digital transformation, and supporting small and medium-sized enterprises (SMEs) – the backbone of the European economy.
“We need to create a level playing field for our businesses and ensure that Europe remains a global leader in innovation and technology,” Keravnos stated. “This requires a proactive and coordinated approach, with member states working together to remove barriers to growth and unleash the full potential of the European economy.”
Strengthening EU Defence: A Response to Geopolitical Realities
The Finance Minister also stressed the importance of reinforcing the EU’s common defence. The current geopolitical climate, marked by heightened tensions and evolving security threats, necessitates a stronger and more unified European defence posture. Keravnos advocated for increased investment in defence capabilities, enhanced cooperation among member states, and a greater role for the EU in addressing security challenges.
“The security of Europe is paramount, and we must be prepared to defend our values and interests,” Keravnos asserted. “Strengthening our collective defence is not about replacing NATO, but about complementing its efforts and ensuring that Europe can effectively respond to threats in its own neighbourhood and beyond.”
Looking Ahead: Collaboration and Action
Keravnos concluded his remarks by calling for a spirit of collaboration and decisive action among EU member states. He urged his colleagues to seize the opportunity presented by the Ecofin meeting to chart a course towards a more competitive and secure future for Europe. The challenges are significant, but with a unified vision and a commitment to working together, the EU can overcome them and emerge stronger than ever.
The Ecofin meeting is expected to discuss a range of economic and financial issues, including inflation, economic growth, and the implementation of EU fiscal rules. Keravnos’ call for action on competitiveness and defence is likely to be a key theme throughout the discussions.