EU finance ministers meet in Brussels to discuss how to lower energy prices in Europe

Brussels, 21 January (ČTK correspondent) – EU finance ministers are discussing possible ways to lower energy prices in Europe at a meeting in Brussels today. According to Polish Finance Minister Andrzej Domanski, whose country currently holds the EU presidency, energy prices are key to restoring the competitiveness of the European economy. The Czech Republic is represented at the meeting by Finance Minister Zbyněk Stanjura.

“It is no coincidence that the word energy was mentioned 600 times in Draghi’s report,” the Polish minister told journalists before the meeting began.

Former Italian Prime Minister and former European Central Bank President Mario Draghi published his report on EU competitiveness last September. Among other things, he recommended that the bloc better coordinate its industrial policy, make decisions more quickly and invest on a massive scale. “We all agreed that, first and foremost, we need to invest more in infrastructure, in grids and in interconnector lines,” Domanski added, referring to Monday’s informal dinner of finance ministers in Brussels.

According to the Polish minister, investment in nuclear energy is also important. “And another very important point is, of course, reducing the regulatory burden in the energy market,” Domanski added.

Transatlantic trade relations were another key topic at Monday’s dinner. Donald Trump became the new US president on Monday, and Brussels is watching his future economic policy moves with concern. “First of all, we all agreed that Europe must remain united. We must be united in our approach both to the new US administration and to the economic situation,” Domanski said. “Second, in our view, the best response to any possible tensions is to strengthen the European economy and restore Europe’s competitiveness. How can we do that? By simplifying European legislation and lowering energy prices,” the Polish minister added.

He also stressed that Europe and the US are strategic allies and each other’s largest trading partners, so it is in the best interests of both the EU and the US to develop very good and fair economic relations. With Trump’s arrival in the White House, Brussels is particularly concerned about the imposition of high tariffs.