EU Leaders Split Over Joint Debt for Defense Spending
At an informal summit in Brussels, Chancellor Scholz rejected shared EU debt for military projects, while nations debated funding strategies for a €500 billion defense boost.
- German Chancellor Olaf Scholz reaffirmed his opposition to joint EU debt for defense investments, advocating instead for greater fiscal flexibility within existing national budgets.
- The EU Commission estimates a need for €500 billion in additional defense spending over the next decade to enhance military capabilities, including air defense and border security.
- France, Italy, and others support shared financial mechanisms like Eurobonds, while Germany, the Netherlands, and Austria remain firmly against such proposals.
- EU Commission President Ursula von der Leyen emphasized exploring flexibility within the reformed Stability and Growth Pact to allow higher defense spending under existing debt rules.
- Discussions also included potential expanded roles for the European Investment Bank in funding dual-use military projects and increasing private sector involvement in defense production.
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