The Joint Communication on a European Economic Security Strategy focuses on minimising risks arising from certain economic flows in the context of increased geopolitical tensions and accelerated technological shifts, while preserving maximum levels of economic openness and dynamism.
Risks presented by certain economic linkages are evolving quickly in the current geopolitical and technological environment and are increasingly merging with security concerns. This is why the EU must develop a comprehensive approach on commonly identifying, assessing and managing risks to its economic security.
The strategy sets out a common framework for achieving economic security by promoting the EU’s economic base and competitiveness; protecting against risks; and partnering with the broadest possible range of countries to address shared concerns and interests. The fundamental principles of proportionality and precision will guide measures on economic security.
The Commission on 24 Janury 2024 put forward several proposals to strengthen the EU’s economic security. Like many parts of the world, Europe is living through growing geopolitical tensions and profound technological shifts. This presents a number of challenges. We also want to ensure that the EU remains one of the most open and attractive destinations for business and investment. That is why the Commission has outlined a number of new measures in the areas of trade and research.
The steps related to trade include:
- improving the screening of foreign investments into the EU to prevent investments that may pose a risk to the EU’s security. For example, checking that all Member States have a screening mechanism in place, with more harmonised national rules, and extending the scope of what investments should be screened.
- having a more coordinated approach to the EU’s exports of dual-use goods – that is to say goods that can be used for both civil and military purposes (such as advanced electronics) – to ensure they do not fall into the wrong hands
- understanding the potential risks associated with certain EU investments abroad. For example, how advanced technologies can be used to enhance military capacities of actors who may use these against the EU.
When it comes to research, the Commission is looking into ways to support research and development in technologies which can be used for different purposes, and at how to enhance research security across the EU.
This package follows up on the European Economic Security Strategy from June 2023, which laid the basis for the EU to develop a comprehensive approach to protect the Union’s economic security.
