Balancing Against Weaponized Interdependence: Understanding the EU’s Geoeconomic Power

Research on geoeconomics and economic statecraft has shown how cross-border economic networks can be turned into leverage, yet it has less systematically theorized how actors respond to the vulnerabilities created by those same networks, particularly through an explicit analysis of power. This paper addresses that gap by conceptualizing geoeconomic power as a structural phenomenon rooted in asymmetric interdependence, and by specifying the strategic repertoire available to actors seeking to reduce exposure to coercion, shocks, and technology or supply-chain disruptions. Bridging International Relations theory with Power–Dependence theory, the paper develops a typology of “dependence-balancing” actions that distinguishes between measures that reduce external dependence and build geoeconomic power. The framework is then applied to the European Union’s economic security policy, mapping major initiatives across trade, investment, technology governance, and industrial policy. The paper argues that the EU’s economic security agenda can be understood as geoeconomic power balancing: a shift from primarily institutional and regulatory influence toward more direct, security-oriented forms of economic power aimed at deterring coercion and improving resilience. The paper contributes to geoeconomics research by offering a power-centered conceptualization of economic security, a reusable typology for comparative analysis across actors, and a clearer distinction between power-building and power-use in the study of geoeconomic strategy.