Business views on a European economic security strategy - a BusinessEurope position paper

Key messages

• BusinessEurope welcomes the discussion on the development of a European Economic Security Strategy that 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 be successful, the strategy needs to strike the right balance between economic and national security objectives. This requires a thorough assessment of the different risks identified under the strategy before adopting new EU tools, which must be precise, proportionate, and predictable. These risk assessments should be conducted in close cooperation with business while taking into consideration the EU interests and needs.
• We need a better balance in the different initiatives under the three pillars of the strategy-Promote, Protect and Partner. The “Promote” and “Partner” pillars are crucial in building economic resilience and providing a secure and stable environment conducive for growth and they need to be further developed. While initiatives under the Protect pillar should be targeted, proportionate, and duly justified by factual evidence.
• We call for a renewed partnership and cooperation between the Commission, Member States and the private sector to ensure a uniform application of rules and regulations in this area across the EU. Cooperation should come in the form of further intelligence sharing and use of available tools to enable companies to successfully compete in a world of increased security risks.
• We believe that more coordination and cooperation at EU level is needed in export controls and FDI screening. However, we call for caution on outbound investment, where a clear identification of the problem is necessary, followed by a careful risk-benefit analysis before taking further action.