European Economic Security: Striking the right balance between security and competitiveness

30 May 2024 - BusinessEurope has published today its position paper on a European Economic Security Strategy. BusinessEurope Director General Markus J. Beyrer said: "At a time when the debate on the development of a European Economic Security Strategy is intensifying, BusinessEurope is publishing this paper to provide concrete recommendations on this topic. For us, the Strategy must be anchored in the principles of competitiveness and openness. The protection of vital security interests must not be used as cover for disguised protectionism, and it must not endanger the integrity of the Single Market and the free movement of capital.

To this end, the three pillars of the Strategy as proposed by the European Commission – Promote-Protect-Partner – should be given equal importance. It is also crucial that any initiatives and tools are precise, proportionate, and predictable, and designed to mitigate well-defined risks."

The paper calls for a renewed partnership between the Commission, Member States and the private sector to ensure uniform application of rules and regulations across the EU. At the same time, given that many of the EU’s trading partners are developing their own economic security strategies, coordination in areas of common interest should also be promoted.

Read the position paper here.