Article: Is Europe failing on import diversification?
https://www.bruegel.org/blog-post/europe-failing-import-diversification
In the discussion on European Union strategic sovereignty – the idea that the EU should not be dependent on other economies – there are broadly two approaches. The first is that a certain degree of self-sufficiency (autarky) is needed, at least in ‘strategic’ industries. The second is that strategic sovereignty can be achieved by ensuring that strategically important imports from one country can be substituted by imports from another – in other words, through sufficient import diversification. But to what extent are Europe’s imports already diversified, and how has diversification developed over time?