European Union finance ministers met Monday, energy prices were a hot topic

European Union finance ministers reached agreed on Monday to maintain a unified stance toward the new U.S. administration, emphasizing that strengthening the EU’s economic competitiveness is the best way to address potential transatlantic challenges, according to EU diplomats.

During an informal dinner, the 27 finance ministers also agreed that fostering deeper economic ties between the EU and the U.S. would be mutually beneficial, diplomats familiar with the discussions reported.

Additionally, the ministers acknowledged that maintaining low and stable energy prices is essential for Europe’s economic prosperity, noting that EU industries and consumers face significantly higher energy costs—double those in the U.S. and four times those in China.

Reducing energy prices was therefore seen as critical for ensuring Europe’s global competitiveness, diplomats said.

The International Monetary Fund (IMF), in a paper prepared for the meeting, suggested that further integration of the EU energy market and joint investment initiatives could help address this challenge.

“Most ministers agreed that deeper energy market integration would be advantageous,” an EU diplomat stated.

This article was written by Eamonn Sheridan at www.forexlive.com.