Minister of Finance of Cyprus, Makis Keravnos, stressed on Friday the need to enhance the European Union's competitiveness and common defence, speaking upon his arrival at the Economic and Financial Affairs Council (Ecofin), held today, Friday, in Luxembourg.

Keravnos noted that the European Union is facing a period of "global political and economic upheaval," which, as he said, "constantly creates threats and risks." 

He stressed the need for the EU to strengthen the single market and to focus on decisions that will boost its competitiveness, making full use of the advantages of the common currency.

“The euro, which is currently the second strongest currency globally, inspires trust and security among citizens,” he said.

At the same time, he highlighted the importance of reinforcing the EU’s defence capabilities, emphasising that security must be ensured for all member states, whether located at the Union’s northern, eastern, or southern borders.

CNA/TNE/EPH/2025

ENDS, CYPRUS NEWS AGENCY