In June, the European Commission said the European Union must invest 500 billion euros over the next decade to strengthen its defense.
Jean-Noël Barrot, Antonio Tajani, Radoslaw Sikorski and Annalean Baerbock in Warsaw, Poland, on November 19, 2024. ( AFP / WOJTEK RADWANSKI )
A Europe-wide borrowing system to raise the huge sums needed for EU defense: the five largest countries in the European Union have come out in favor of Eurobonds, said Tuesday 19 November the head of Polish diplomacy in Warsaw.
European Union countries are working to strengthen their defense sectors in the face of Russia's invasion of Ukraine, but there is no clarity yet on how to raise the sums needed to support the industry. Among the options considered is the issuance of European defense bonds,
a common borrowing system similar to that which allowed the EU to finance its recovery program
after the avian flu pandemic.
“This is the first time, here in Warsaw, that the five largest countries of the European Union have spoken out in favor of European defense obligations,” welcomed Radoslaw Sikorski after a meeting with his counterparts
German, French, Italian, Spanish and British. “It’s something serious”
he added.
500 billion euros
His Italian counterpart Antonio Tajani also welcomed the announcement. “Today, we have developed a strategy. It is the strategy of supporting European defense, of having Eurobonds (…) We must move forward.”
In June, European Commission President Ursula Von der Leyen said that
the European Union had to invest 500 billion euros
($535 billion) over the next decade to strengthen its defense.
The 27 EU member states also appointed former Lithuanian Prime Minister Andrius Kubilius as Defense Commissioner to carry out the initiative. In September, he called for “bold new measures” to raise the considerable sums needed for Defense.
Echoing the call, Radoslaw Sikorski said Tuesday in Warsaw that the commissioner “must have serious resources to carry out a serious mission.”
