EU unveils plans to boost economic security

BRUSSELS, June 20 (KUNA) -- The European Union Tuesday unveiled plans called the "European Economic Security Strategy", but said that it is not directed against China or any other country and is not a protectionist move.

"Until recently, security was related to armies. The armies provide defence and you secure yourself through the capacity of fighting. But now, security has multiple new dimensions, and the economy is one of these dimensions," EU High Representative Josep Borrell told a press conference presenting the plans.
"It is of paramount importance that our partners understand our message and that they do not see this economic security strategy as a protectionist move. It is not," he said.
"It is not about China. We are not in a confrontational mood with China," stressed Borrell.
On her part, EU Competition Commissioner Margrethe Vestager told the joint press conference that the strategy proposes a framework, which starts with defining the risks. It outlines four types of risks, risk to supply chains, risk to critical infrastructure, risk to technology security and leakage and risk of economic coercion.
However, the EU will use a "geopolitical filter" when assessing risks: "We cannot treat supply dependencies on a systemic rival the same as we would treat the dependency on an ally," she noted.
On his part, European Commission executive vice president Valdis Dombrovskis told the same press conference "we must ensure that our companies' capital, research, expertise and knowledge are not used to fuel technological advances in countries which may use them to undermine peace and security.
"In implementing our economic security strategy, we propose to cooperate with the broadest possible range of partners, including - but not limited to - long-standing like-minded countries," he pointed out. (end) nk.hb.