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EU Economic Ministers met on EU-USA relations and deficit procedure

by AI | 22.Jan 2025 | Europe in brief AI

The EU considers itself well-prepared for possible trade restrictions by the USA.

Archive photo - The new US President Trump was also at the center of the EU finance ministers meeting. (Photo: Eva Maria UZKATEGI / AFP)

Brussels/EU-wide – After a dinner on Monday about transatlantic relations and energy prices, the EU economic and finance ministers met in Brussels on Tuesday. The responsible EU Commissioners Dombrovskis and Séjourné emphasized that the EU is well prepared for possible American trade restrictions. However, they also emphasized, like Austria’s Finance Minister Mayr, that cooperation and unity among EU partners are now the most important things.

“We should be aware of our own strengths, we have a very comprehensive internal market,” said Mayr on Tuesday to media representatives in Brussels. It is very important, “we need close coordination, and with that, we will also tackle these challenges. We must act together, with collective strength we can better handle the developments in the USA.” The further developments would be “closely monitored”.

“The EU and the USA are strategic partners, it is important that we work together. With this approach, we begin our work with the new Trump administration,” emphasized EU Economic Commissioner Valdis Dombrovskis before the meeting. On Monday evening he had also emphasized that the EU would defend its economic interests against possible American tariffs or trade restrictions.

Vice-President of the Commission Stéphane Séjourné said that “unity is the strength” of the Europeans. The presidency of Donald Trump begins with “a series of questions and challenges for the Europeans”. The EU authorities are well-prepared to respond to possible American tariffs or trade restrictions. However, he reaffirmed the importance of dialogue with the Americans, and that “the main message of this ECOFIN is the unity of the Europeans”.

Recommendations for states affected by deficit procedures

The finance ministers also discussed ongoing EU deficit procedures. The Council gave its recommendations to the EU states currently affected by deficit procedures – including France and Italy. The recommendation for Hungary will come at the next meeting. “All EU member states and the Commission are looking at the measures for these states and actually decide together. We were able to ensure that we can continue to autonomously shape our budget,” said Mayr.

Austria is spared from a deficit procedure. The responsible EU Commissioner Valdis Dombrovskis had informed Finance Minister Mayr that the measures presented by the blue-black coalition negotiators could suffice to bring the deficit below the Maastricht threshold of three percent of the gross domestic product (GDP). The EU Commission will reassess Austria’s budget situation in the spring.

There was also an exchange with the Ukrainian counterpart Sergii Marchenko on Tuesday. Further topics included the program of the Polish Council Presidency as well as measures to reduce bureaucracy for companies. (22.01.2024)