EU plan to increase economic security
The EU Commission has announced the “Economic Security Package”, which includes the strategy it has developed to strengthen the EU’s economic security in the face of increasing geopolitical tensions and technological changes.
This is intended to ensure protection against risks and at the same time promote the EU’s competitiveness. Common economic security interests of the EU are being developed.
Foreign investments in the EU will be better screened to further strengthen security and public order in the EU.
Greater coordination in the area of export controls is encouraged.
Member States will be consulted to identify possible risks arising from investments abroad in sensitive technologies.
Studies on technologies with dual-use potential, both civil and military, will be better supported.
The package also included a proposed law that would strengthen scrutiny of foreign investments in the EU. In this context, a review mechanism will be established where member countries will have more compatible national rules.
The scope of sectors in which EU countries should screen foreign investments is set. Investments in EU countries that are controlled by individuals or companies from a non-EU country are also subject to review.
The approval of the member states and the European Parliament (EP) is required for the economic security package to come into force.