While open, outward-oriented trade has benefited the EU since its inception, growing geopolitical tensions, technological developments and greater economic competition have highlighted the risks inherent in certain economic dependencies.
The ongoing impact of the Covid-19 pandemic and Russia’s invasion of Ukraine is sounding the alarm on taking economic security more seriously, says Vanya Petrova, senior analyst at the Center for the Study of Democracy (CSD), a Europe-based public policy institute.
