Statement by the Minister of Finance of the Republic of Cyprus, Mr Makis Keravnos, on his partici...

I am travelling to Luxembourg with one main priority: that the decisions of the Eurogroup and the Economic and Financial Affairs Council (ECOFIN) take into account the impact of energy developments on households and businesses.

As I have already said publicly, we have requested a derogation on the excise duty on heating oil to reduce a cost that households feel directly, especially in winter. Together with other member states, we are also making the case for additional fiscal space, with greater flexibility within the economic governance framework, so that governments can effectively support and protect citizens and businesses when circumstances require it. The rules must keep pace with reality, and the framework has already shown that it can adapt when energy security is at stake.

At ECOFIN, the main item on the agenda is the market integration and supervision package. A more integrated European market for financial services will make it easier for businesses to access finance and will strengthen Europe's competitiveness. We will contribute constructively to the Irish Presidency's efforts to reach an agreement, while asking that the specific characteristics of smaller markets, such as Cyprus, be considered.

Europe's competitiveness and the protection of its citizens must go hand in hand, and this is the approach I will take in the discussions.

(GS/AS)