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Economic security is going to occupy an increasingly important role in global politics. While the EU should aim to avoid a fragmentation of the global economy and support multilateralism, it needs to prepare for protectionism, a global subsidy race and weaponisation of interdependencies. First, the EU must take geopolitical risks seriously and use stress tests and a data‐driven approach to identify vulnerabilities. We propose creating a European Economic Security Committee to advance coordination between national security and European economic policymaking. Second, the EU must increase its resilience to better withstand economic coercion and be less affected by shocks. Resilience cannot be increased by protectionism but by keeping markets open and concluding trade agreements. Industrial policy has some role to play, but the EU should apply the 'narrow yard' principle in industrial policy and enhance cooperation to reduce the risks and costs of a global subsidy race. Third, economic security will require investments in European public goods such as R&D for defence, decarbonisation, technology and the reconstruction of Ukraine, which will be cheaper to procure at EU level. Strengthening the international role of the euro would add to Europe's economic security and financial power. [ABSTRACT FROM AUTHOR]

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With trade tensions running high, the Trump Administration is considering new tariffs on imported automobiles, and the main target would be the European Union, traditionally America's closest ally. In this paper we combine disaggregated models to estimate the impact of these tariffs worldwide, and especially on Spain. First, a trade-policy simulation model computes the potential effects worldwide. Then we plug these into the World Input–Output Database, obtaining the inter-sectoral effects of the tariffs on Europe and the rest of the world. Finally, we insert these results into the Spanish inter-regional Input–Output Tables, obtaining final effects for Spanish regions via their inter-sectoral relations with the European Union and the rest of the world. By our calculation, the new US auto tariffs could end up destroying 10,400 jobs in Spain alone and 567,000 jobs worldwide. Moreover, they might have unexpected consequences, affecting, Spanish regions and sectors that just indirectly depend on the automobile industry. [ABSTRACT FROM AUTHOR]

This article discusses the role of the European Union (EU) in global geopolitics following the pandemic of the new coronavirus. It argues that the pandemic accelerates the crisis of multilateralism and the rivalry between great powers, leaving the EU in an uncomfortable position. It first explains how and why the international system has moved from institutionalized cooperation to geostrategic rivalry. Then, it focuses on the EU's strengths in the various structures of international power and on its chances for developing strategic autonomy in economic, technological and security and defence matters. Finally, it explains how the EU should deal with the United States and China. [ABSTRACT FROM AUTHOR]