With the rise of economic security, a new economic order is taking form. This order is characterized by industrial policies and sanctions to secure global value chains in great power competition, especially regarding critical and dual-use technologies. However, these measures can strongly impact the world economy by increasing the costs of the green and digital transitions while being ineffective in protecting national industries. How will economic security evolve in the coming years? What are the best practices to follow, and how can cooperation within the G7 and between European countries be strengthened?