The European Commission will publish new measures to further ensure the economic security of the EU. It wants to protect European tech sectors from the influence of other economic powers.
According to Bloomberg, the EC is introducing a list of new measures this week to further ensure the EU’s economic security and independence. This story is based on a draft version of the plan.
These should ensure that countries from outside the EU have less influence on the economies of member states and make the EU a greater economic power on the world stage. Primarily against pressure from economic superpowers such as the United States and China, the plan should protect Europe’s tech sector.
In addition, the new measures should ensure that the EU remains the most attractive destination for business and investment. Furthermore, the EC would like to establish a special fund to accelerate the development of tech that can be used for both civilian and military purposes.
Learning from the past
Reasons for tightening the security of the European economy included the pandemic and the Russian war against Ukraine. These cases showed that the EU was still heavily dependent on energy and supply chains from other world regions and countries that could potentially abuse this dependency.
This raised the EC’s awareness of the need to better protect the EU economy from countries that do not share the same values. Especially to ensure the supply of imported technology and to prevent other powers from taking control of Europe’s own strategic industry.
Five new initiatives
More specifically, the announcement would be about establishing five new initiatives. The first is about strengthening the regulation of foreign direct investment in European companies.
Especially when it comes to investments for European companies in sensitive technical sectors such as the advanced chip industry, AI-, quantum- and biotechnology.
The measures should also focus on coordinating export controls and improving research security among individual member states.
Furthermore, the new initiatives should begin to ensure that a tool is developed to prevent the leakage of sensitive knowledge through European investments abroad and, as already mentioned, encourage civilian and military “dual-use” technologies.
Bloomberg writes that a final list of measures is expected in February. At this point, the EC would still work out with member states which risks for the various technology areas should be addressed.
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