EU leaders avoid controversial options as they discuss defence spending boost

euronews (in English)

The Commission estimates that the EU needs to invest €500 billion in the sector over the coming decade so that it can continue to support Ukraine but also ensure it is in a position to defend itself following decades of under-investments.

Transcript

00:00The European Union is aiming to strengthen its defence capabilities, requiring an estimated

00:07investment of around 500 billion euros over the next decade.

00:12Defence spending has grown by 30 percent since 2021, but in the current geopolitical climate,

00:18the bloc believes this is not enough.

00:21On Monday, the EU27 met to explore new ideas, with the aim of incorporating some into a

00:27future European Commission document.

00:29When you ask what the leaders want in the white paper, certainly proposals for these

00:38three levels, how to create fiscal space, how to create common funds to common projects

00:46and finally how to mobilise private financing to strengthen our defence industry.

00:56Creating more fiscal space, or in other words, relaxing the economic rules that force countries

01:01not to take on too much debt, is one of the main ideas on the table.

01:06The key to this lies with the European Commission, which could allow countries to spend more

01:11on defence.

01:13For extraordinary times, it is possible to have extraordinary measures, also in the stability

01:19and growth pact, and I think we live in extraordinary times, so we will look as a commission deeper

01:25into using much more flexibilities, they are optional, possible with the stability and

01:30growth pact for defence investment and defence expenditures.

01:38At a time when relying on allies is crucial, the EU27 gathered at a summit alongside their

01:44partners, including UK Prime Minister Keir Starmer and NATO Secretary-General Mark Rutte.

Category

Transcript

Recommended