The European Union lays the foundations for economic security 

The European Commission has signed, together with the High Representative, the Joint Communication on the European Economic Security Strategy. 

This focuses on minimising the risks arising from certain economic flows in a context of increasing geopolitical tensions and accelerating technological change. It also continues to enhance the openness and economic dynamism that characterises the European Union. 

Certain economic linkages are changing due to new geopolitical and technological environments, and the EU is therefore committed to a comprehensive approach to joint risk identification, assessment and management. 

European Economic Security 

The strategy sets out a common European framework that will focus on achieving economic security through the promotion of the EU’s economic base and competitiveness. 

The proposed Economic Security Strategy proposes a comprehensive assessment of economic security risks in different areas. 

• Risks to supply chains, in particular energy security; 
• Risks to the physical security and cyber security of critical infrastructures 
• Risks related to technological security and technology leakage. 
• Risks of militarisation of economic dependencies or economic coercion. 

Methodology for the European Economic Management Strategy 

A methodology for risk assessment has been proposed to be carried out by the European Commission, together with the Member States and the High Representative, using information from the private sector. 

The approach will have three axes: 

1. The promotion of the competitiveness of the European Union, strengthening the single market, fostering a strong, resilient economy, investing in skills and promoting the EU’s research, technology and industrial base. 
2. Protecting the economic security of the European Union through a range of existing policies and instruments and considering new ones to address possible gaps, this would be done in a proportionate and targeted manner, so as to limit any possible unintended negative spill-over effects on the European and global economy. 
3. Building partnerships with as many countries as possible in order to strengthen economic security, in particular through the adoption of trade agreements and the deepening of existing ones, the reinforcement of other partnerships, the strengthening of the international rules-based economic order and of multilateral institutions and multilateral institutions. 

Future actions 

This Communication creates the basis for a strategic debate with the Member States of the Union, as well as with the European Parliament. For its part, the European Council will meet on 29 and 30 June next, where it will, inter alia, assess the Strategy. 

The following measures set out in the Communication for economic security are established: 

• To develop, together with the Member States, a framework for assessing the risks affecting the economic security of the Union. That is, drawing up a list of technologies that are critical to economic security and assessing the risks they pose in order to consider appropriate mitigation measures. 
• Engage in a structured dialogue with the private sector to develop a collective understanding of economic security. 
• Continue to support the technological sovereignty of the Union, as well as the resilience of value chains, by enhancing the development of critical technologies through the Strategic Technology Platform for Europe (STEP). 
• Revise the regulation on the control of foreign direct investment. 
• Explore options to ensure adequate and targeted support for research and development of dual-use technologies. 
• Implement the EU export control regulation on dual-use items in its entirety. 
• Develop a proposal to ensure the effectiveness and efficiency of this regulation. 
• Identify security risks that may arise from investments abroad. 
• Propose measures to improve research while ensuring a systematic and rigorous application of existing instruments. 
• Explore the specific use of European Common Foreign and Security Policy (CFSP) instruments. 
• Request the EU’s Single Intelligence Analysis Capability (SIAC) to work on the detection of potential threats to the economic security of the Union. 
• Ensure that the whole Strategy is integrated into the European Union’s external action. 

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