An informal agreement between the Council and the European Parliament on the decision establishing a Union action for the European Capitals of Culture for the years 2020-2033 was endorsed on 29 January 2014 by the permanent representatives of the member states. Today (6.2.2014), the European Parliament's Committee on Culture and Education also endorsed the agreement. This paves the way for the official adoption of the decision by the Council during the Greek Presidency.

“The Greek Presidency aspires to make a meaningful contribution to the debate about the role that cultural heritage and creative economy are set to play in the 21st century” Panagiotopoulos said, addressing the CULT Committee. He additionally stated that “the Presidency will examine innovative ways of funding, financial and social partnerships etc. Emphasis will be laid on the need to shape and promote a common European approach to cultural heritage”.