EUROGROUP,COUNCIL OF THE EUROPEAN UNION,ΚΥΡΙΑΚΟΣ ΠΙΕΡΡΑΚΑΚΗΣ,update

 

● Eurogroup

27/03/2026 14:32 | Statements and remarks | Remarks by Kyriakos Pierrakakis following the Eurogroup meeting of 27 March 2026   We should have been in Nicosia today, but developments in the Middle East led to this meeting being held via teleconference. We express our solidarity and support for the Cypriot people and the Cypriot government, and we look forward to being there very soon. The first issue discussed by the Eurogroup was the situation in the Middle East and its economic impact on Europe. This is a concerning crisis affecting energy, trade, prices, and overall global economic stability. For us, this means heightened vigilance, coordination, and readiness to support our societies. Today’s discussion also included Dr. Fatih Birol, Executive Director of the International Energy Agency, who briefed us on recent developments and outlooks for energy markets. One month after the outbreak of the conflict, its effects are already beginning to pass through to the real economy. Businesses are seeing it in their operating costs, and households are seeing it in their energy bills. This creates inflationary pressures and significant risks of lower growth across Europe. The key issue is the duration and intensity of the crisis, as these will determine the scale of the economic impact. Uncertainty remains high. Europe must stay alert and ready to respond where needed. Our shared hope is for de-escalation and to avoid major and lasting disruptions to energy infrastructure and global energy markets. The direction for how we should respond has already been set by the European Council of 19 March, and today we continued that discussion in the Eurogroup, aiming to shape the right policies to support citizens and businesses. Europe today is better prepared than it was in 2022 during the previous energy crisis. It has reduced its energy dependence, strengthened its energy infrastructure, diversified its energy sources, and, above all, gained experience in managing such crises. This means we can now respond more quickly, more cohesively, and more effectively. At the same time, we must act with seriousness and responsibility, remaining consistent with the commitments we have undertaken. Because ultimately, this is what allows us to support our citizens in difficult times. Sound fiscal management gives a country the capacity to protect society and to invest in its future. It is what makes an economy more resilient in the face of crises. Our choices must reflect balance and responsibility. Measures taken during this period should be targeted, fair, and effective, with priority given to the most vulnerable households and businesses. They must be implemented swiftly, but also remain temporary, so as to address the crisis without creating new, larger problems in the future. At the same time, we must not lose sight of the bigger picture. Europe’s energy transition and energy independence constitutes strategic objectives, and no short-term crisis should divert us from them. On the contrary, this crisis highlights the importance of investing even more in clean energy, infrastructure, and Europe’s energy autonomy. The Eurogroup plays, and will continue to play, a key role in coordinating economic policies in this direction. Europe is called upon to play a dual role: to protect citizens today and to build a more resilient and competitive economy for tomorrow. In this context, a key growth tool is the savings and investments union. It is the means by which Europe can channel European savings into investments within the European economy, finance businesses, innovation, the green transition, and eventually strengthen its competitiveness. We were briefed by the finance ministers of the six largest economies of the European Union on initiatives in this direction, while the Cyprus Presidency presented the progress of legislative work on integrating European capital markets and strengthening European supervision. There is a strong level of engagement and commitment to developing Europe’s capital markets, and this is a positive signal for the European economy and investment in the years ahead. We concluded our meeting by discussing international economic developments ahead of the IMF and G7 meetings. We are living in a period of profound change in the global economy, with geopolitical tensions, shifts in trade, exchange rates, and global economic balances. It is clear that in a changing world, the responsibility for global economic stability cannot rest on one region alone. It requires adjustment and responsibility from all major economies. Europe is present. And as the world becomes more unstable, Europe must become stronger. This is the objective of our discussions and coordination within the Eurogroup.   Visit the website

Meetings Friday, 27 March 2026

● Eurogroup   27/03/2026 14:42 | Meetings | Main results - Eurogroup, 27 March 2026   The Eurogroup assessed the impact of the Middle East crisis on the European economy and discussed policy measures to address it. As is customary ahead of the World Bank and International Monetary Fund Spring Meetings, the Eurogroup also exchanged views on international economic developments.   View meeting page ● Council of the EU   26/03/2026 20:48 | Press release | EU customs: Council and Parliament agree on landmark reform   The Council and the Parliament today agreed to overhaul the EU customs framework, giving the Union a more modern toolbox to deal with trends such as huge increases in trade volumes, especially in e-commerce, a fast-growing number of EU standards that must be checked at the border and challenging geopolitical realities. The reform establishes innovative new instruments to facilitate global trade, collect customs duties more efficiently and to tighten controls on non-compliant, dangerous or unsafe goods. Overall, the new system will allow for more robust controls without excessive burden for authorities and traders. “Today’s agreement marks the greatest reform since the creation of the Customs Union in 1968. The new Union customs code will allow us to deal with the multiple challenges prompted by the new geopolitical realities, while ensuring economic security. Once adopted, this modern toolbox will facilitate trade and ensure the proper collection of duties, in a simplified manner, and with the required legal certainty.” — Makis Keravnos, Minister of Finance of the Republic of Cyprus The co-legislators have agreed on legislation to: create a single, state-of-the-art EU customs data hub: one central platform for importers and exporters to interact with customs in the EU, strengthening data integrity, traceability and customs controls introduce enhanced customs simplifications for the most trusted traders, saving them time and money implement a new EU-wide handling fee for items contained in small parcels entering the EU establish a new decentralised agency for customs – the EU customs authority – which will oversee the EU customs data hub while supporting the risk management work of national customs authorities. The EU customs authority The new decentralised EU agency for customs will coordinate governance of the EU customs union in certain areas. To support the work of national offices, the EU customs authority will analyse the constantly updated import and export data contained in the new EU customs data hub, helping to identify the riskiest cargo entering the EU which should be prioritised for inspection. The authority will also help establish priority control areas and risk criteria. Finally, it will coordinate EU-level crisis management in the area of customs. The customs authority will be located in Lille, France. It will be established on the day that the overarching regulation enters into force. The EU customs data hub The EU customs data hub will be the single online environment designed to collect and analyse customs data to ensure the smooth flow of goods in and out of the EU. It will also support the EU-wide risk management carried out by the EU customs authority. To fulfil their customs obligations, businesses importing to and exporting from the EU will only need to submit customs information once to this single portal, rather than to up to 27 individual customs authorities. They can enter the same information to cover multiple consignments, saving time and money. National customs authorities will gain a full overview of trade flows and supply chains. With the support of the EU customs authority, member states will have access to the same real-time data and will be able to pool information to respond to risks more quickly, consistently and effectively. Under the terms of the agreement, the data hub will become operational for e-commerce goods on 1 July 2028. A phased rollout will bring all movements of goods into its scope by 1 March 2034. Trust and check traders The updated legislation creates a new category of the most transparent businesses – trust and check traders. Under this scheme, companies providing comprehensive information on the movement and compliance of goods, along with other stringent criteria, will enjoy more streamlined customs obligations, such as simplified procedures for temporary storage and transit. The most reliable companies will be able to release their goods into circulation in the EU without any active customs intervention at all. Other companies will still be able to enjoy the already existing simplifications available to trusted traders under the current authorised economic operator scheme. Managing the influx of small parcels To help cover rising costs from monitoring the growing number of small parcels entering the EU via e-commerce, the agreed text introduces a new handling fee to be collected by customs authorities on small consignments sold through distance selling. The level of the fee will be decided by Commission delegated act before it starts being applied by EU member states no later than 1 November 2026. The new rules also clarify that platforms and those selling into the EU by distance sale, e.g. via e-commerce, are considered the goods’ importer and responsible for ensuring that all customs formalities and payments are taken care of, rather than the final EU consumer. Finally, the legislation will include a new system of financial penalties for e-commerce operators that systematically fail to comply with their customs obligations. Next steps  The Council and the European Parliament will continue work to finalise the technical elements of the package before final adoption by the co-legislators. The new customs legislation will come into full application 12 months following publication in the EU’s official journal. Background For over 50 years, the EU customs union has been operating efficiently across national borders, managed by national customs offices working together. As one of the world's largest trading blocs, the EU customs union manages trade worth over €4.3 trillion, accounting for around 14% of global trade. In 2024, 2,140 customs offices, working 24 hours a day and 365 days a year, collected almost €27 billion as customs duties and handled the import, export and transit of more than 1,370 million items. In the same year, EU customs authorities detected 64,000 cases of goods detected by presenting a risk for consumers in terms of health and detained 112 million counterfeit items. EU customs: Council agrees position on key features for a more modern, efficient and secure framework (press release, 27 June 2025) Lille to host the new EU customs authority (press release, 25 March 2026) Customs: Council takes action to tackle the influx of small parcels (press release, 13 November 2025) EU customs reform (background information) The EU customs union (background information) Customs reform on the EU law tracker   Visit the website ● European Council   26/03/2026 16:05 | Press release | First ever EU-Armenia summit to take place on 4 and 5 May 2026   The President of the European Council, António Costa, together with the President of the European Commission, Ursula von der Leyen, will represent the EU at the EU-Armenia summit taking place in Yerevan on 4 and 5 May 2026. Prime Minister Nikol Pashinyan will represent Armenia. Ahead of the summit, President Costa and President von der Leyen will attend the European Political Community meeting, taking place in Yerevan on 4 May 2026. The EU-Armenia summit will focus on strengthening bilateral relations in particular connectivity in energy, transport and digital. Leaders will also discuss the progress related to ensuring peace, security, connectivity and prosperity in the South Caucasus, as well as current global challenges, including the latest developments in the Middle East and Ukraine. “Armenia is a close EU partner, and we look forward to deepening this relationship with our first-ever summit. United by shared values and a commitment to international law and the rules-based international order, this milestone will mark an important investment in peace, security, connectivity and prosperity in the South Caucasus.” — António Costa, President of the European Council The EU-Armenia Summit reflects the increasing dynamism of the bilateral partnership over the past years. EU relations with Armenia are based on the EU-Armenia Comprehensive and Enhanced Partnership Agreement (CEPA), in force since 2021, and the Strategic Agenda for the EU-Armenia Partnership, agreed in 2025. The EU is a key partner for Armenia’s reform agenda and for trade and investments. It is also the country’s largest donor. In its conclusions of October 2023, the European Council tasked EU institutions to “strengthen EU-Armenia relations in all their dimensions”. Background Through the CEPA agreement, Armenia has committed to pursuing a comprehensive reform agenda based on democracy, transparency and the rule of law – in particular the fight against corruption, reforming the judiciary and enhancing its accountability to citizens, and ensuring equal economic, employment and social opportunities for all. In September 2024, the EU launched a visa liberalisation dialogue with Armenia to support Armenia in its goal of achieving a visa-free travel regime with the EU.  On 14 July 2025, European Council President António Costa and European Commission President Ursula von der Leyen met with Armenian Prime Minister Nikol Pashinyan to reaffirm and advance the growing partnership between the European Union and Armenia.  In August 2025, the EU welcomed the initialling of the Armenia-Azerbaijan peace treaty and the signing of a political declaration. This agreement between Armenia and Azerbaijan marks a significant breakthrough to end decades of conflict. The EU stands ready to help develop inclusive regional connectivity through investments and the full opening of communications in the region, in support of sustainable peace and stability. EU relations with Armenia Eastern Partnership   Visit the website ● Council of the EU   27/03/2026 09:41 | Meetings | Agriculture and Fisheries Council, 30 March 2026   Background brief - Agriculture and Fisheries Council of 30 March 2026   View meeting page