A clear message in favour of strengthening investment through the mobilisation of private savings was delivered by President of the ECOFIN Council, Finance Minister Makis Keravnos, and European Commissioner for Economy, Valdis Dombrovskis, who placed the negotiations on supplementary pensions within the broader framework of the Savings and Investments Union (SIU).
The Cypriot Finance Minister stressed that the Savings and Investments Union is crucial for unlocking potential and channelling money into productive investment.
Keravnos highlighted both the social and the growth aspect of the supplementary pensions package, stressing that "the overarching goal of the pensions package is to help people secure a more adequate income in retirement, by improving access to stronger and more effective supplementary pensions.”
He added that "these will complement rather than replace public pensions in EU countries.”
At the same time, the Finance Minister underlined the role of pension savings in supporting the real economy, noting that "these proposals focus on increasing the use of supplementary pensions across Europe, improving the long-term performance of pension products, and enabling pension funds to contribute more effectively to the real economy.”
Linking the pensions file to the SIU strategy and to the ambitions of the Cypriot Presidency, Keravnos pointed out that “the pensions package forms part of the broader Savings and Investments Union strategy, aiming to channel more private savings into investment that supports the European economy in line with the Union’s strategic priorities.”
Responding specifically to a question on how far the Cypriot Presidency intends to go in the negotiations, he stressed that “the key word for Europe is competitiveness, and the Savings and Investments Union package is crucial in order to unlock forces and potential and to channel money into highly productive investments, so as to improve productivity and deliver very positive results for all European citizens.”
In his statements, Commissioner Dombrovskis confirmed that supplementary pensions are a central pillar of the SIU strategy, stating that “we had constructive exchanges on the Commission’s proposals to boost supplementary pensions as part of our broader Savings and Investments Union strategy.”
The Commissioner added that the EU executive's aim is “to boost both the supply and demand of supplementary pension products, to help citizens secure adequate income in retirement.”
Replying to a question concerning one of the judges of the International Criminal Court (ICC) and the impact of US sanctions on access to financial services, Dombrovskis clarified that the European Commission is holding a dedicated meeting today. As he said, the meeting will take place “together with Commissioner Albuquerque and also Members of the European Parliament, to discuss both the short-term implications of the sanctions on the availability of financial services for ICC judges currently under US sanctions, as well as possible short-term mitigating measures.”
He added that the discussion will go beyond the immediate impact and will also address medium-term, structural issues, noting that “we will also discuss more structural issues in the medium term, on how to strengthen our strategic autonomy in the area of payments and financial services, including through our Digital Europe initiatives.”
CNA/EK/EPH/2026
ENDS, CYPRUS NEWS AGENCY
