The President of the European Commission, Ursula von der Leyen, spoke about the need to increase European defense spending by another 500 billion euros over the next decade.
European Commissioner for Defense and Space Andrius Kubilius wants about 100 billion euros allocated to defense in the next seven-year EU budget, he told Politico.
The EU’s current seven-year budget, which exceeds €1 trillion, allocates only €10 billion to defence.
Reviving the EU’s defense industry after decades of post-Cold War decline will require a lot of money.
Finding this money will not be easy, but without it all defense plans will remain “theoretical,” Kubilius warned.
New money could come from increasing the EU budget, issuing joint debt and easing policies by institutions such as the European Investment Bank.
Kubilius suggested that the EU reconsider its fiscal policies when it comes to defense spending.
Let’s remember that EU countries are approaching an agreement on the creation of a new defense fund of 1.5 billion euros to strengthen the defense industry of the bloc and Ukraine in the next three years.
Source: korrespondent
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