National Economy and Finance Minister Kyriakos Pierrakakis is traveling to Luxembourg to participate in the Eurogroup and ECOFIN meetings.

During Thursday's meeting, the European finance ministers will discuss the situation in the eurozone, fiscal developments in the member states and internal barriers to competition. The focus will also be on the preparation for the introduction of the digital euro and the process of electing a new president of the Eurogroup.

At the ECOFIN meeting to be held on Friday, the European Commission's progress report on the EU Customs Union will be presented. The aim is to simplify customs procedures for businesses and ensure the correct collection of duties and taxes for the benefit of national and EU budgets.

Finance ministers, at a time of intense geopolitical instability, will then exchange views with a view to finding ways to reduce energy costs in the EU. They will also discuss the next steps in the field of European defence financing and the ongoing economic impact of Russian aggression against Ukraine. The ECOFIN finance ministers' dinner will also analyse Ukraine's economic and defence needs.

The European Commission will present the 2025 European Semester Spring Package with country-specific recommendations at the ECOFIN Council. The adoption of the revised recovery and resilience plans for Spain, Italy, Croatia and Slovenia is also on the agenda.

Both the Eurogroup and ECOFIN meetings will examine the enlargement of the euro area in view of the imminent adoption of the common currency by Bulgaria.

The minister will also participate in the annual meetings of the boards of directors of the European Stability Mechanism and the European Investment Bank.

On the sidelines of the Eurogroup and ECOFIN meetings, Pierrakakis will have meetings with European officials and counterparts.