The paper sets out to investigate whether the return of state interventionism and economic statecraft constitute a threat to globalisation. Specifically, it focuses on the European Union and its new economic security policy agenda, crafted in response to the geopolitical and environmental challenges of the last decade. In doing so, the paper argues and illustrates that some key features of the EU political economy undermine the ability to sustain the new economic interventionist agenda. In particular, it draws attention to the EU fragmented institutional structure and mixed societal support that undermines long-term planning and market discipline. Additionally, the paper highlights the mismatch between the EU’s traditional values and the new economic policy agenda, which undermines the legitimacy of the new EU economic interventionism.