Critical raw materials (CRMs) are not mere commodities but the essential building blocks of modern technologies, prosperity, and security. As global demand accelerates, a strategic race is emerging to secure access to these vital resources, fuelling competition and geopolitical tension. This article examines the European Union’s vulnerable starting position in this contest, given its limited domestic supply of CRMs compared to others, and argues for a proactive, coherent policy response by Europe. Central to this is deepening integration of the EU Single Market by mainstreaming circular economy principles and boosting material productivity - stagnant since the 1970s - and creating demand side incentives. The article also proposes a Critical Raw Materials Efficiency First Principle, as well as underscoring the importance of public-private collaboration and international partnerships. Delivering this vision will take time, and sustained political will is therefore key.