Cyprus Seeks EU Spending Flexibility for Energy Security

Cyprus is calling for greater flexibility in EU spending rules to support households and businesses while investing in energy security. Finance Minister Makis Keravnos made the request at an Ecofin meeting in Luxembourg, citing the escalating conflict in the Middle East as a significant economic risk. He emphasized the need for EU energy independence through investment in electricity generation and storage, but warned that the transition would require substantial funding. Cyprus supports further flexibility in the EU's economic governance framework to finance immediate support measures alongside longer-term investment and reforms, as long as changes do not undermine public finances.