Today: Apr 17, 2024

Europe’s cash vanishes – vital tech investment safeguards economic security.

3 months ago

TLDR: The European Union must implement a critical technology investment plan to secure its economic security and maintain its technological and industrial capabilities. While the EU has made progress in areas such as investment screening, research security, and export controls, these measures alone are not enough to address the broader goal of securing Europe’s techno-industrial position. The EU needs to establish central resources to co-fund critical technology projects and improve its competitiveness. A security-driven investment plan that supports Europe’s leading industrial innovators and ensures production within the EU is crucial. However, there are challenges to implementing such a plan, including austerity sentiment in some member states and limited political support for scaling critical technologies. Without a more serious promote agenda, Europe’s economic security will deteriorate.

Security costs money, and economic security is no exception. The ability to innovate, produce, and commercialize critical technologies is essential for Europe’s economic security. While investment screening, research security, and export controls are important for addressing specific risks, a broader financial strategy is needed to bolster Europe’s technological and industrial capabilities.

To fortify Europe’s techno-industrial position, the EU needs central resources that can co-fund early-stage, capital-intensive critical technology projects. Recent initiatives to strengthen Europe’s defense-industrial strength demonstrate the EU’s ability to use public resources for security needs. The EU also needs a security-driven investment plan that supports leading industrial innovators and ensures production is located within the EU.

Europe’s economic security relies not only on public investment but also on wider competitiveness. While strategic bets on critical technology projects are necessary, Europe must also work on unlocking private capital. However, recent decisions by member states to scale back funding for critical technologies highlight the fragile political support for this agenda.

Overall, Europe’s economic security requires a bold financial strategy that links investment and export controls with a critical technology investment plan. Without a more serious promote agenda and increased public and private investment, Europe’s economic security will deteriorate.