Carl Bildt
‘Economic security’ has become a Brussels buzzword in recent years, shaped by a blend of pressure from Washington and Brussels’ own protectionist instincts. In sports, playing defence rarely wins championships. The economic security agenda is defensive; it might slow the decline, but it will not reverse it. What Europe needs is a bold, offensive strategy.
A defensive strategy
From trade defence measures to restrictions and controls, initiatives abound. There is talk of millions, or even billions, being poured into so-called strategic projects in the corridors of the European Union.
Some of these measures are undoubtedly necessary. Yet Europe must tread carefully to avoid a global subsidy race or exacerbate the regulatory burdens that already hinder its competitiveness. In a world where the United States is the innovation superpower and China dominates production, the EU cannot afford to define itself solely as the regulation superpower.
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