The European Union as a proponent of open frontiers does not control or otherwise restrict capital movements stemming from third countries. The open external frontiers are a guarantee of public welfare and in line with the free movement of capital enshrined in the EC Treaty. European homeland security requires more attention to foreign investments in strategic European industries. The Commission and the Member States should examine the situation in more detail in order to find an adequate response at the European level. A proper assessment of the real risks implied in foreign control of strategic European industries is necessary, as is an in-depth analysis of the knotty legal situation tentatively addressed above. The status quo where some Member States apply protective rules and others maintain open frontiers is unsatisfactory, and the longer the European institutions remain in the back seat, the more they invite Member States to seek their own solutions.