THE NEW ECONOMIC SECURITY OF THE EUROPEAN UNION

Ioan Claudius Răduți, Ana-Maria DOROBANȚU Florea () and Adriana Giurgiu
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Ioan Claudius Răduți: Bucharest University of Economic Studies (ASE București), Doctoral School of Economics and International Business, Bucharest, Romania
Ana-Maria DOROBANȚU Florea: National School of Political Studies and Public Administration, Doctoral School, Bucharest, Romania
Adriana Giurgiu: Department of International Business,Faculty of Economic Sciences, University of Oradea, Oradea, Romania; Doctoral School of Economics and International Business, The Bucharest University of Economic Studies (ASE București), Bucharest, Romania

Annals of Faculty of Economics, 2024, vol. 33, issue 1, 455-462

Abstract: Geopolitical changes have shown that current threats are not only directed at the state’s security but also at the individual’s. Besides the traditional concept of security, a new concept has emerged: economic security. The liberal conception was based on the hypothesis that economic interdependence would lead not only to prosperity but also to greater security. Traditional analyses do not sufficiently capture the real connections between the economy and security. In traditional approaches to security, the key concept was state security; in neo-traditional ones, new actors such as international organizations and non-governmental organizations also intervene alongside the state. Transformations in the international system demonstrate the need for a geostrategic renegotiation of relations at the regional level to ensure states of regional economic cooperation based on principles promoted by the European Union. Our analysis is a qualitative one, examining documents relevant to our topic, as well as a series of theories that underpin our analysis. Our research methods include content analysis of important documents and a SWOT analysis of the current crisis generated by the conflict in Ukraine. The central issue is given by these major changes that challenge the European project. In the face of these geopolitical changes, the following question arises: “Can economic interdependence be used to create stable bilateral relations between EU member states and between the EU and third countries to ensure European economic security?” The research starts from the following hypothesis: “As long as there is cooperation between the countries neighbouring the EU, there will be no risk of conflicts.” Since the EU acts not only in its own interest but also to create a business environment conducive to the development of enterprises in member countries, the risks the EU is exposed to as a global actor will also impact various industrial sectors and the internal market. Our objective is to demonstrate that the European Union, as a regional actor, can ensure the economic security of member states in the face of new hybrid threats. Our analysis focus on examining the economic relations between the European Union and its Eastern neighbours in the context of rapid changes in the international arena.

Keywords: economic security; neo-traditional security; hybrid threats; regional economic interests (search for similar items in EconPapers)
JEL-codes: F02 F50 F52 F60 (search for similar items in EconPapers)
Date: 2024
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