26 June 2025
The Return of Golden Shares and Global Politics
The Trump Administration just announced that the Japanese steel giant Nippon Steel has granted it a powerful “golden share” in U.S. Steel as a condition for its acquisition of this major US-American steel manufacturer. While the EU has largely constrained the use of such instruments under internal market law, the US now appears willing to deploy them as symbols of industrial revival and national strength. In its response to the increasing global (geo)economic competition, the EU and its member states should resist this trend and instead refine targeted FDI screening mechanisms to reconcile national security with internal market integrity. Continue reading >>
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