The EU should borrow together once again — this time for common defense
Russia’s aggression against Ukraine has changed everything. With war back on the Continent once again, European security can no longer be taken for granted — and leaders across the European Union have taken notice. German Chancellor Olaf Scholz made history on Sunday, announcing a dramatic increase in German military spending. And countries like Sweden have broken with neutrality, announcing weapons delivery to Ukraine. The EU is delivering some €500 million worth of military equipment to a party in conflict – something that was unthinkable only a few weeks ago.
But while talk of defense is cheap, actually building a stronger military costs real money and political courage. As Scholz recognized, a quick and massive injection of funds is necessary to immediately modernize European capabilities. Fortunately, there’s a precedent as to how this goal could be achieved, and swiftly.
The above excerpt was originally published in Politico Europe. Click here to view the full article.
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