EU economic statecraft update: it's for real; and for realpolitik

This is the third report in a series focused on the shift to economic statecraft from economic policy, which we argue requires markets to now focus on ‘grand macro strategy’. We suggest readers refer back to the first report for an explanation of the terminology that will be used. We cross-reference recent EU pledges and actions to flesh out its new grand strategy and the political, economic, and military statecraft to achieve it, with particular focus on the economic. We argue the EU, under geopolitical pressure, has set itself very grand strategy targets and a fledgling form of economic statecraft response. However, what the EU wants to achieve could well require much stronger economic statecraft than proffered so far.