EU ministers agree on unity, a more competitive economy, the need for deeper ties with the US Reuters

BRUSSELS (Reuters) – European Union finance ministers agreed on Monday to remain united in their approach to the new US administration and that a more competitive EU economy is the best defense against potential transatlantic economic challenges, EU diplomats said.

At the informal dinner, the EU’s 27 finance ministers also agreed that deeper ties with the US are in the best interests of both the EU and the US, EU diplomats familiar with the discussions said.

Ministers also agreed that low and stable energy prices are key to prosperity in Europe, as the bloc’s industry and consumers pay twice as much as their counterparts in the US and four times as much as in China.

Lowering energy prices is therefore crucial for Europe to remain competitive in the global economy, diplomats said.

The IMF said in a document prepared for the discussions that further integration of the EU energy market and joint investments would solve the problem.

“Most ministers agreed that further integration of the energy market would be beneficial,” said the EU diplomat.