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HomeE.U.Granada Summit - an opportunity to discuss economic security amid global tensions

Granada Summit – an opportunity to discuss economic security amid global tensions

At a summit in Granada on 6 October, EU leaders will discuss how the bloc can strengthen its competitiveness and reduce its dependence on third countries such as China, Reuters reported.

European Council President Charles Michel, in an address to leaders before the summit, said the outbreak of war in Ukraine in February 2022 put Europe on a path to reduce energy dependence and build a stronger economic base.

He thinks the Granada summit will be a time to look to the future, defining a strategy to ensure the EU’s sustainability and competitiveness in a challenging geopolitical environment.

The summit in Spain could in the coming months direct discussion of European Commission proposals that could lead to tighter controls on the export and outflows of technology, especially that which could be used for military purposes.

The EU executive will assess the existence of risks to the bloc’s economic security by the end of the year together with the 27 members of the European Union. These are the risks associated with biotechnology, advanced semiconductors, quantum technologies and artificial intelligence.

This is part of the European Economic Security Strategy presented by the Commission in June, which includes strengthening the EU internal market, developing research, building alliances with reliable partners, utilising existing trade protection instruments and considering new ones.

Another aspect will be the extent to which European markets should remain open to foreign companies. Countries such as Sweden and the Netherlands are seeking more open markets, while others, such as France, place more emphasis on protecting domestic producers.

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