Mapping the new EU economic security framework

This was a closed-door invitation-only roundtable organised together with The German Institute for International and Security Affairs (SWP) and Atlantik Brücke.

The new EU economic security doctrine is set to be adopted by end of 2025. In the first session, participants examined the EU’s defensive (‘protect’) and proactive (‘promote’ and ‘partner’) instruments. The aim was to assess the core policy tools that underpin the EU’s approach to economic security: sanctions, export controls, investment screening,outbound investment risk assessment and potential restrictions; also, measures concerning critical raw materials, trade policy and industrial subsidies. An additional lens of the conversation was the often-overlooked role of financial market integration and other financial policy in the broader economic security framework. 

Critical raw materials (eg, lithium, cobalt, rare earths) are often excludable and often rivalrous goods - making them, in pure economic terms, private goods. However, in current geopolitical discourse, critical raw materials are often treated like a public good - not because of their economic characteristics, but because ensuring access is viewed as a matter of economic and national security. States are stepping in via strategic planning, stockpiling and active market intervention. 

In the second session, the participants examined the benefits and potential risks of various governmental and corporate strategies for securing access to critical raw materials. How will the growing need for these minerals shape the next phase of economic security planning? Which materials are most essential - and where can they be found: on land, under the seabed, or even in space? How will disruptive technologies shift both current and future demand? Finally, the round table explored the possibilities and limitations of a transatlantic cooperation in this area.