European Economic Security Strategy

Summary:

Joint Communication adopted by the European Commission and the High-Representative for Foreign Affairs and Security Policy, setting out an economic security strategy for the European Union (EU).

Further information:

A number of health, geopolitical and security crises exposed risks and vulnerabilities to European societies, economies and companies. Despite action implemented by the EU to address them and push forward its agenda, those challenges also exposed vulnerabilities in terms of preparation for new and emerging risks in a more complex geopolitical context. It became necessary to introduce a strategic approach to economic security, de-risking and promoting the EU's technological edge in critical sectors.

The European Economic Security Strategy seeks to provide a framework for assessment and management of risks to economic security at EU, national and business level while preserving and increasing economic dynamism. Its starting point sets out an overview of the risks, acknowledging the inherent tensions between bolstering economic security, and ensuring that the EU benefits from an open economy. The framework is bases on three main priorities: promoting competitiveness, protecting the EU's economic security, and partnering with the broadest possible range of partners.

This strategy builds on work already carried out at EU level, taking a critical look at the resilience and vulnerabilities. It also seeks to respond to concerns of citizens as expressed in the context of the Conference on the Future of Europe (CoFoE). The Communication lays the groundwork for a discuss on economic security with Member States and the European Parliament.

• Primary Source

Commentary and Analysis

Atlantic Council: Econographics, 16/06/2023: What the EU’s economic security strategy needs to achieve https://www.atlanticcouncil.org/blogs/econographics/what-the-eus-economic-security-strategy-needs-to-achieve/

Le Monde: Op-Ed, 20/06/2023: 'Europeans still need to adopt a security strategy for an open economy' https://www.lemonde.fr/en/opinion/article/2023/06/20/europeans-still-need-to-adopt-a-security-strategy-for-an-open-economy_6034431_23.html

European Council on Foreign Relations (ECFR): Commentary, 21/06/2023: Instrument of control: How the EU can protect itself in the global technology competition https://ecfr.eu/article/instrument-of-control-how-the-eu-can-protect-itself-in-the-global-technology-competition/

Atlantic Council: New Atlanticist Blog, 22/06/2023: The ‘de-risk’ is in the details: A look at Europe’s ambitious new economic security strategy https://www.atlanticcouncil.org/blogs/new-atlanticist/experts-react/the-de-risk-is-in-the-details-a-look-at-europes-ambitious-new-economic-security-strategy/

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News

EurActiv: Special Reports: European resilience and opportunities in the global economy https://www.euractiv.com/section/economy-jobs/special_report/fnf/

Politico, 19/06/2023: EU’s trade ideals face ‘economic security’ reality check https://www.politico.eu/article/eu-trade-economic-security-strategy-us-china-competition-tariffs/

Reuters, 20/06/2023: EU launches debate on economic security with eye on China https://www.reuters.com/markets/europe/eu-starts-debate-economic-security-with-eye-china-2023-06-20/

EurActiv, 20/06/2023: EU eyes trade defence tools to protect industrial, defence sectors from China https://www.euractiv.com/section/global-europe/news/leak-eu-eyes-trade-defence-tools-to-protect-industrial-defence-sectors-from-china/

France24, 20/06/2023: Eyeing China, EU to unveil plans to combat economic risks https://www.france24.com/en/live-news/20230620-eyeing-china-eu-to-unveil-plans-to-combat-economic-risks

Associated Press (AP News), 20/06/2023: EU unveils plan to protect economies from rivals. China is a focus, but is not named in the proposal https://apnews.com/article/eu-economy-security-china-russia-tech-5g-b537619688f99ddfb3aeeaf2def6039d

Euronews, 20/06/2023: EU-made high tech should not prop up China's military, von der Leyen says in new economic strategy https://www.euronews.com/my-europe/2023/06/20/eu-made-high-tech-should-not-prop-up-chinas-military-von-der-leyen-says-in-new-economic-st

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Official

European Commission: Press Release, 20/06/2023: An EU approach to enhance economic security https://ec.europa.eu/commission/presscorner/detail/en/ip_23_3358

European Commission: News, 20/06/2023: President von der Leyen presents the European economic security strategy and the revised multiannual EU budget https://ec.europa.eu/commission/presscorner/detail/en/AC_23_3401

European Commission: Press remarks by Executive Vice-Presidents Vestager and Dombrovskis and High Representative/Vice-President Borrell on Economic Security Strategy (20 June 2023) https://ec.europa.eu/commission/presscorner/detail/en/speech_23_3388

Renew Europe EP Group: News, 20/06/2023: The EU must be a responsible trade and investment power https://www.reneweuropegroup.eu/news/2023-06-20/the-eu-must-be-a-responsible-trade-and-investment-power

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