Leveraging Europe’s International Economic Power

The European Union yields immense economic power globally. Yet it does not sufficiently leverage that power to achieve political goals. This is the result of institutional — if not constitutional — limitations and policy choices, and a lack of coordination between member states that often compete for individual interests abroad. As Europeans increasingly see the added value of the geopolitics of trade, and of economic diplomacy, the EU Global Strategy should give Europe’s international economic relations their appropriate share of strategic relevance. European economic statecraft is and should be more than a tool for jobs and growth. The use of economic power to achieve global goals could mark a long-term shift in EU internal and external policymaking — in parallel or conjunction with member states’ initiatives. Economic security should therefore be recognized as core to any future EU foreign and security policy strategy. This would require redefining the equilibrium between economic and political objectives in the definition of European foreign policy goals, as well as the institutions and mechanisms that would support it.