ENTRE SOBERANIA NACIONAL E INTEGRAÇÃO EUROPEIA: PORTUGAL E A EVOLUÇÃO DO REGIME EUROPEU DE ANÁLISE DO INVESTIMENTO DIRETO ESTRANGEIRO

Abstract

The European Union (EU) Member States are sovereign in their national security, and foreign direct investment (FDI) screening fits within this framework. However, acknowledging potential gaps that could be exploited by third countries, the EU adopted legislation in 2019 to harmonise national FDI screening mechanisms: Regulation (EU) 2019/452. Five years later, in an even more troublesome global environment, the European Commission proposed a new regulation that further deepens EU competences in this area. This study analyses the national security implications of the 2019 Regulation as well as of the new proposal. Focusing on Portugal as a case study, it conducts a legal assessment comparing national law in terms of national security and FDI screening with current and prospective EU law, including the role of hard and soft-law instruments. The findings highlight an impact on Member States’ national sovereignty under both Regulation (EU) 2019/452 and the new proposals, reflecting an expansion of EU competence in this context. In Portugal’s specific case, the analysis underscores the need for legislative update and for increased awareness of a growing securitised international arena.