The European Commission has identified several threats to the EU's economic security, ranging from supply chain dependency to economic coercion. But these are signs of a deeper geo-economic decline and the main reason for the Commission's risk-averse approach to technology industry leadership in dealing with high-powered competition and its wider European security implications.
Technical thinking...
The European Union must analyze these geo-economic challenges and develop tools for itself to better coordinate European security. It is worth the effort
- Race for technology and industry leadership
China's efforts to become a technological superpower and the United States' determination to counter it will fundamentally change the global economy and challenge European security. The EU and its member states must stop treating threats to economic security separately from threats to national security. Instead, they must jointly determine how the loss of key assets and technology will affect European security.
- Maintaining the importance of technology in key industries of the future
The EU and its member states must decide which areas have the greatest technological potential in terms of research, innovation and production capacity. The EU must mobilize its technology, trade and security instruments to protect these interests. For example, it should link promotional tools such as research funding and government grants to priority technology goals. The new export control consensus should aim to give member states more flexibility to introduce strategic restrictions when the risk of losing an important technological advantage is high.
- Create a community of economic intelligence
In-depth knowledge of the industry and supply chain provides a greater bargaining position in technology industry competition. The EU's ability to strengthen its economic security depends on the integration of intelligence gathered by the EU and its member states through various instruments. It requires a lot of trust and strong management. Creating an EU structure with a limited but gradual exchange of industrial information will significantly increase the Union's geo-economic power.
...for a new era
Europe's economic security is particularly threatened by the current geo-economic changes, the key to energy in the world economy is rapidly breaking down. There must be technological interdependence. To maintain economic security, the European Union must position itself as a key player in tomorrow's technological networks. On the one hand, the division of the European Union into commercial instruments regulated by the European Commission; On the other hand, economic security and national security are two sides of the same coin, as technological and industrial competition reduces the value of security instruments under the control of member states.
The European Council on Foreign Relations does not take a common position. ECFR publications represent only the views of their respective authors.
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