President KIM Heungchong of KIEP, Ambassador Maria Castillo Fernandez to the Delegation of the EU in Korea, Professor Hong Chong Cho at Dankook University, Dr. Youngook Jang of KIEP, along with other diplomats from Europe and economic security experts, attended the event to examine significant issues in the European economy, including the energy crisis and reorganization of supply chains and discuss countermeasures.

KIM Heungchong, President of KIEP, noted in his opening statement that the European economy is facing various challenges, such as an imbalance in energy supply and demand, pressure on the supply chain, and prolonged Russia-Ukraine war, along with high prices and high interest rates, which are global problems. President Kim explained that in order to overcome this crisis, the European region is seeking diverse countermeasures, including energy crisis preparation policies and the EU Critical Raw Materials Act. "The analysis of major economic security issues and countermeasures in Europe will help Korea establish the nation's policy direction against Europe," he added.

Session 1 was presented under the theme of “European Economic Security Trends by Regions and Issues.” Participants inspected regional economic security issues, focusing on Germany, a major European economy, and Lithuania, a neighbor country to both Russia and Ukraine.

In session 2 the attendants mainly discussed the impact of the recent European energy crisis on Korea. They presented Korea's cooperation and response to the EU's Critical Raw Materials Act pursued by the EU.

- Title: Economic Security in the EU

- Date & Time: November 18th (Fri), 2022, 09:00-12:30

- Venue: Diamond Hall, Koreana Hotel Seoul

- Host: Korea Institute for International Economic Policy (KIEP)

- Contact: YouJin Lim, Researcher of the Europe Team (yjlim@kiep.go.kr)