European Union finance ministers, at one of their regular meetings, have said that they want to increase trade in goods and services across national borders within the EU to boost the region's sluggish economy. But some ministers warned that how such plans are actually carried out is vital and that other measures are needed to revive growth. British Finance Minister Gordon Brown, whose country holds the EU presidency, told reporters he is also keen to improve trade with the US.

The ministers also backed the idea improving the ability of banks to withstand market shocks and to increase the oversight of companies, both those measure are aimed at increasing investor confidence. Europe's economies have to a great extent been relying on exports for growth. During the meeting in Luxembourg, the EU Economic and Monetary Affairs Commissioner Joaquin Almunia told the ministers that, so far, the region has mostly escaped the effects of high oil prices and the Commission expects stronger growth in the second half of 2005.