An Era of Economic Warfare: Examining the EU’s Economic Security Strategy

Amidst Chinese overcapacity in manufacturing and its continued innovation in the industries of the future, the European Commission released a Joint Communication in June 2023 proposing a European strategy for economic security, with major updates as of January 2024. A subsequent recommendation called for a risk assessment of four technology areas—supply chains, critical infrastructure, technology security, and weaponization risks—with a more fleshed-out strategy being developed with member states.

But what does the European Commission really mean by “economic security” and what will the evolving strategy actually look like? There are many questions surrounding the European Union’s (EU) approach that go beyond the imprecise definition of the phrase and lack of any mention of China. They, in part, involve struggles over the balance of power between the commission and the member states—not to mention Russia’s invasion of Ukraine—which could hinder the implementation of any strategy.

Watch now for an expert panel discussion of Europe’s efforts and the implications for an allied approach to economic security in an era of economic warfare.