Financial Times Discusses IEP Bocconi’s CORE Proposal
Martin Sandbu, the Financial Times’ European economics commentator and one of its most influential opinion writers, discusses Daniel Gros and Nathalie Tocci’s IEP Bocconi policy brief in his column of 22 September. He argues that middle-power alliances cannot substitute for Europe pooling sovereignty and committing the resources needed to become a great power capable of protecting the international order.
The brief, Europe as Central Power: Leading the Like-Minded, Building Partnerships Worldwide, proposes a Compact for Open and Resilient Economies (CORE): a framework for coordinating trade and industrial policies, extending economic preferences across participating countries and providing mutual assistance against economic coercion.
Beyond Canada: a broader multilateral approach
CORE’s ambition extends well beyond EU–Canada relations. Gros and Tocci envisage cooperation among a wider group of like-minded economies, including the UK, Norway, Switzerland, Japan, South Korea and Australia, alongside Canada.
The objective is to move beyond separate bilateral agreements towards a multilateral framework in which partners help shape policies before decisions are taken. Closer ties with Ottawa could contribute to this project, but its scope is much broader.
The authors’ different conclusion rests on how Europe can most effectively exercise its power. They support deeper European integration in finance, energy and defence.
At the same time, they argue that Europe’s influence depends on its ability to organise cooperation, exercise restraint and give partners a meaningful voice. Policies that protect European industries at allies’ expense risk weakening the economic relationships and political support on which European resilience depends.
CORE gives this approach practical substance. Partners would be consulted on consequential trade and industrial policy measures, while final EU decisions would remain governed by EU procedures. A “made with Europe” approach would recognise inputs from participating economies, widening the industrial base available to strengthen resilience. Cooperation could begin without a new treaty, alongside the longer process of European integration.
European security: turning coalitions into lasting cooperation
Two further ideas developed in IEP Bocconi publications feature in Ursula von der Leyen’s 2026 State of the Union address: a European Security Council and joint stockpiling of critical raw materials.
In her March policy brief, Towards a European Security Council, Nathalie Tocci argues for a permanent framework to sustain strategic coordination beyond individual crises and summits. Ad hoc coalitions can mobilise quickly, but their momentum often fades as political attention shifts. Regular cooperation, supported by a secretariat and a shared assessment of threats, would help turn that mobilisation into lasting strategic capacity.
Von der Leyen’s commitment to develop a European Security Council involving partners such as the UK, Norway, Ukraine and Canada echoes this approach. Tocci’s proposal would complement EU defence integration and strengthen cooperation with European countries outside the Union.
Critical minerals: buying time through strategic reserves
Von der Leyen also announced a European Corporation on Critical Raw Materials to support procurement and stockpiling. This reflects the approach advocated by Daniel Gros and Agathe Demarais in The Case for Setting Up an EU Critical Minerals Stockpile.
Their argument is that Europe needs a faster and more affordable response to supply disruptions than relying primarily on new domestic mines or attempting to rebuild entire production chains within its borders. Mining projects take years to develop, and securing access to raw minerals does not eliminate dependence on Chinese processing.
Strategic reserves offer a practical alternative in the near term. Buying when supplies are abundant and releasing stocks during shortages would protect manufacturers and reduce the leverage of export restrictions. Stockpiling would also buy time for longer-term investment and diversification: a means of strengthening economic security while preserving the benefits of international trade.
IEP Bocconi does not express opinions of its own. The opinions expressed in this publication are those of the authors. Any errors or omissions are the responsibility of the authors.