NESA and FIIA: Economic security has been raised to the forefront of EU policy

“The reduction of economic risks, i.e. de-risking, does not mean completely cutting off economic ties. Instead, its ultimate aim is to balance security and economic openness,” says Research Assistant Tomi Kristeri from the Finnish Institute of International Affairs.

A new joint publication by the National Emergency Supply Agency (NESA) and the Finnish Institute of International Affairs (FIIA) provides a comprehensive analysis of how economic risks are now being taken into account more extensively in Finnish and European policy debate and bill drafting. The situational picture report is divided into sections that focus on the development of economic security and de-risking policies, the current state of Finnish and EU policy measures, dependency analyses carried out in Finland and recommendations for further measures.

Finland has been a forerunner for a long time

The examination of Finland’s national de-risking policies and measures included in the report strengthens the view that Finland has a strong tradition of pursuing a comprehensive security approach and that the potential risks posed by external dependencies to security of supply have been identified and taken into account. Cooperation and dialogue between the public and private sectors is even more important to prevent dependencies before they arise.

“Finland has long been a forerunner in the field of security of supply. The operations and comprehensive preparedness practices of the National Emergency Supply Agency have built a strong foundation for national resilience, especially in the critical sectors of society. Finland’s expertise and operating models are particularly valuable now that the European Union is increasingly moving towards reducing economic dependencies, i.e. de-risking,” says Director of the NESA’s Research and Analysis Division Axel Hagelstam.

Joint project between the NESA and FIIA

The situational picture report is based on previous studies and reports. It is part of the FIIA and NESA’s joint research project Geoeconomic risks and their impact on the security of supply of Finland and the European Union. The project aims to determine how the EU’s measures to reduce economic risks (de-risking) affect Finland’s security of supply and how Finland’s security of supply expertise could be promoted in EU-level discussions. Furthermore, the project seeks to identify what kinds of challenges and opportunities de-risking presents for Finland. The research project is designed to support dialogue between the public and private sectors and to provide up-to-date and research-based information to support decision-making.

The project began in early 2024 and will run to August 2025. The project is jointly funded by the National Emergency Supply Agency and the Finnish Institute of International Affairs.

Read the full situational picture report (in Finnish) by clicking here.

Read more about the project on the website of the Finnish Institute of International Affairs.