In this unstable global environment, economic security should be one of the key transformations EUrope needs to achieve. This Discussion Paper looks at how achieving greater economic security should be a defence against aggression (for example, Russia’s war on Ukraine), a means of using economic instruments in global conflicts and the basis of a reinvigorated hard security sector.
However, achieving economic security requires a long-term effort to change policymaking and the level of EU cooperation. The Paper puts forward several steps that could be taken in the near future; these include:
- Jointly defining economic security and Europe’s long-term objectives in this field to be reflected in the economic security strategy.
- Having an action plan for the next Commission and setting out short, medium and long-term policy changes that need to happen to enhance economic security.
- Screening all relevant policies for their economic security impact.
- Building the political and economic foundations for economic security, including engaging with citizens about the sacrifices and trade-offs that are needed.
- Identifying critical economic infrastructure and systems and drawing up contingency plans in case of conflict.
- Proposing ways in which executive capacity and decision-making at the EU level in areas relevant to economic security can be enhanced, including changes in decision-making procedures.
- Developing a blueprint for global economic security cooperation between like-minded countries, covering issues such as sanctions.
- Engaging with the EU’s neighbourhood to foster cooperation on economic security and set out where the Union can act as a guarantor.
- Investing in analytical capability to better anticipate and change policies and decisions in advance, rather than only reacting after security has been compromised.
Read the full paper here.