EU military advances Europe could emulate US strategies
🥁💥 Euro Warfare 💥🥁
Yo, here's the dish on Europe's war mongering spree! 😎 Europe's been gearing up for a battle against the mighty American military-industrial complex, and they're spending serious cash to make it happen.
Ursula von der Leyen, prezzy of the European Commission, unveiled a whopping €800 billion rearmament plan way back in March. Sounds like a handy load of cha-ching, right? Turns out, it's a strategic move to beef up European defense capabilities and make those defense sector stocks juicy again.
The plan? Simple: EU members want to boost their annual defense spending to 1.5% of their GDP. That's a decent chunk of change we're talking about! And, let's not forget, €150 billion in loans for lucky bloc members to invest in the defense industry—that's a sweet deal for Europe's weapons makers!
Now, after the Cold War, Europe took a hard hit to military spending. The defense industry lost steam, and costs ballooned. But Europe's not ready to admit defeat. They want to be like the US, centralizing contractors and securing at least 50% of their military purchases from European companies.
To boost production, the EU plans to focus on ammo, like artillery shells. Remember the EU's failed promise to deliver 1 million artillery shells to Ukraine by March 2023? Well, they've set aside €513 million to fix that mess.
As for who's leading the charge, Germany's got this one in the bag. They're the top tank producers, with a range of competing models to challenge the M1 Abrams and Bradley fighting vehicle. Europe's got options, and plenty of them! The same goes for frigates, subs, and aircraft.
But speaking of aircraft, Europe's pitching a multi-pronged attack on the F-35 fighter jet. The French Dassault-Airbus, British BAE, and Italian Leonardo are all vying for a piece of the action, trying to eke out a deal. Ideally, they'd merge to bid for a single contract, but a merger, let's face it, ain't gonna happen any time soon.
The call to action came after Trump said he'd cut US commitments to European security. He'd been ragging on European NATO allies for years for not meeting his toughened defense spending goals. According to analysts, it could take European NATO countries over a decade to match the US in terms of defense capabilities.
Now, here are a few more tidbits to liven up this battle cry. The European rearmament plan's official name is the ReArm Europe Plan/Readiness 2030. The plan includes the establishment of the SAFE fund, which offers €150 billion in low-interest loans. Creative, right? The EU's also working on loosening EU fiscal rules so they can bypass deficit restrictions for defense purposes. Oh, and there's a handy dandy European Defense Industrial Strategy to streamline production efforts.
But, like any good battle plan, it ain't all sunshine and rainbows. Europe's facing some structural challenges, like fragmented armed forces and limited interoperability. Plus, strategic control might outpace spending, leading to delays and inefficiencies. And last but certainly not least, national interests can often trump collective interests, making coordination a pain in the neck. 😉
- Ursula von der Leyen, the president of the European Commission, announced a €800 billion rearmament plan in March, aiming to increase annual defense spending of EU members to 1.5% of their GDP.
- The European rearmament plan, known as the ReArm Europe Plan/Readiness 2030, proposes €150 billion in low-interest loans for bloc members to invest in the defense industry.
- In an attempt to boost ammunition production, €513 million has been set aside to address the EU's failed promise to deliver 1 million artillery shells to Ukraine by March 2023.
- The EU is concentrating on weapons manufacturers to centralize contractors and secure at least 50% of their military purchases from European companies, like Germany, the top tank producers.
