The European Commissioner for Economy, Paolo Gentiloni, believes that geopolitical factors, such as the Covid-19 pandemic and the energy crisis caused by Russia’s aggression in Ukraine, coupled with the need to secure raw materials and disruptive technologies, are reshaping globalisation through the creation of “variable geometry alliances” depending on the sectors and partners involved.
“We can expect to see more re-shoring, near-shoring and perhaps what some call friend-shoring”, he said on Thursday 13 April in Washington, during a speech at Johns Hopkins University.
In this context, hiding behind borders and erecting trade barriers would be “a mistake” for Europe, the commissioner said, as it needs to focus on building more secure and resilient supply chains. As European Commission President Ursula von der Leyen said during her recent trip to China, the objective must be to de-risk, not to decouple trade, Mr Gentiloni stressed (see EUROPE 13153/17). He recognised, however, that maintaining the line of a strategically autonomous but open Europe will not be easy in a more fragmented and unpredictable world. (Original version in French by Mathieu Bion)