EU finance ministers discuss measures to boost EU competitiveness

EU finance ministers in Brussels discuss measures to boost the bloc's competitiveness in the global market.

Measures include lower energy prices, cutting red tape and simplifying legislation.

The talks are being held as part of the first council meeting under the Polish presidency, which took up its six-month mandate in early January.

High energy prices are one of the main factors that has reduced the EU bloc's competitiveness, with European companies paying double or even triple the price of US or Chinese companies.

Until now, the EU has been trying to reduce energy prices through the infusion of renewables and now increasingly accepted nuclear solutions.

In theory they are cheaper, but the approval and installation process takes longer than on paper.

One stumbling block is the multitude of approvals needed to install energy production units.

That's why ministers invited commissioner Valdis Dombrovskis, in charge of the initiative to reduce the administrative burden and simplify legislation.

The president of the European Investment Bank, Nadia Calvino, is also taking part.

Nadia Calvino: Last year we reached a record €100 billion of EIB funds for energy projects. But today, our main message to European finance ministers and the Commission is prioritization. They need to identify which are the key elements of the European energy infrastructure to finance and thus bring down the price of energy for the benefit of European citizens and European competitiveness.

Ministers will also discuss the signals given by the new US President Donald Trump in his inauguration speech.

The EU bloc's main fear is the unconfirmed intention yesterday to raise tariffs on imports from the EU.

However, many finance ministers say the bloc should focus first on domestic measures to boost competitiveness, the European economy's biggest problem.

Translated by: Radu Matei