Eurozone Demands Swift Action on Military Development
EU advises prompt modernization
In the face of dwindling support from the US, Brussels insists on swift execution of Europe's military growth plans. European nations are urged to expedite adopting proposals put forth by EU Commission President Ursula von der Leyen to boost defense spending. With her plans outlined in a report on Wednesday, EU heads of state and government will deliberate on these proposals during their summit commencing on Thursday.
Von der Leyen proposes creating a novel EU financial instrument worth €150 billion. Essentially, it serves as a lending source for member countries wrestling with sky-high interest rates to obtain funds on the capital market. The EU budget would act as a safety net in this arrangement. Notably, the EU Parliament wouldn't be part of this accelerated adoption process.
By pooling together, EU countries aim to secure larger contracts for these loans, thereby fostering tighter cooperation among them in matters of defense and ensuring compatible systems. Even some non-EU nations could be brought into the fold, including Norway, Ukraine, and South Korea, as per the proposals.
The EU's ambitious military buildup plan revolves around the "ReArm Europe" initiative, with the overall goal of reinforcing European defense capabilities, diminishing reliance on the US for security, and bolstering the continent's defense industrial base. Key components include a substantial €800 billion military spending plan extended over several years and a readiness-focused White Paper detailing the EU's defense priorities.
Still, concerns abound regarding the financial burden on some member states, considering pre-existing debt levels. Furthermore, political backing has yet to translate into concrete progress due to opposition regarding increased debt risks. The plan would likely face obstacles due to internal disagreements among EU member states over aspects like aid to Ukraine.
However, the EU is also looking towards strategic partnerships with NATO and other non-EU allies to boost its defense capabilities. Yet, some member states are hesitant when it comes to sharing authority with non-EU entities. As the EU pushes forward with its military buildup plans, it faces intricate challenges such as financial constraints, internal disputes, and strategic coordination complexities.
[1] Source: ntv.de, AFP[2] The European Union’s Defence Union and Beyond: Key Drivers and Obstacles, Policy Brief No. 25, November 2020[3] The New European, Europe’s quest for a unified military, 1 June 2021[4] European Union’s Defence Ambitions: Emerging Signs, Opportunities and Challenges, Global Issues Paper No. 29, June 2021[5] The Washington Post, European Union seeks to lessen dependence on U.S. military protection, 10 June 2021
- The EU Parliament is urged to implement the community policy that streamlines the accelerated adoption process of plans to create a novel €150 billion financial instrument, which aims to foster tighter employment of defense loan contracts among EU member countries.
- WhatsApp groups within the EU community could be useful in fostering open discussions on intricate employment policy measures, such as the proposed lending source for member countries dealing with high interest rates in the context of Europe's military growth plans.
- As the EU continues to push for fostering its defense capabilities through initiatives like "ReArm Europe," it is essential to remember that employment policies should not only focus on defense spending but should also address the longer-term goal of promoting employment opportunities within the EU metalwork, engineering, and technology sectors, thereby expanding the EU's defense industrial base.
