EU Officials Discuss Defense Spending Amid US Shift
European Union officials are talking about how to spend hundreds of billions of euros on defense. This comes after the US said it expects Europe to take care of its own security, which has made some people question the US’s commitment to NATO.
The EU is worried about Russia‘s war in Ukraine and wants to be prepared for any future conflicts. European Commission President Ursula von der Leyen proposed a plan to increase defense spending. This includes:
* Letting member states spend more money on defense by loosening fiscal rules. This could free up at least 160 billion euros.
* Creating a joint EU fund for defense investments.
* Allowing the European Investment Bank to invest more in defense.
Von der Leyen also suggested using some of the unused funds from the Covid recovery program to finance defense projects. The EU’s Covid recovery fund has around 392 billion euros that is not being used.
Individual European countries are also increasing their defense spending. Germany, for example, is talking about creating a special defense spending fund of 200 billion euros. The UK has already committed to raising its defense spending to 2.5% of GDP by April 2027.
EU officials will discuss joint security during an emergency meeting on March 6. They will also unveil a new defense industrial strategy on March 16.
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