EU Ministers Agree on Unity, More Competitive Economy, Need for Deeper US Ties

 European Union finance ministers agreed on Monday to stay united in their approach to the new U.S. administration and that a more competitive EU economy was the best protection from potential transatlantic economic challenges, EU diplomats said.

At an informal dinner, the EU's 27 finance ministers also agreed that deeper ties with the U.S. were in the best interests of both the EU and the U.S., EU diplomats familiar with the discussions said.

There was also agreement among the ministers that low and stable energy prices were key to prosperity in Europe, because the bloc's industry and consumers pay twice as much as their counterparts in the U.S. and four times as much as in China.

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

The IMF said in a paper prepared for the discussions that further EU energy-market integration and joint investment would solve the issue.

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