Poland will prioritise joint EU financing for defence during its upcoming presidency of the 27-nation bloc, highlighting security as a shared European responsibility, Finance Minister Andrzej Domanski announced on Wednesday.
The European Commission estimates that enhancing EU defence capabilities could cost over €500 billion within the next decade.
In April, EU finance ministers will meet in Warsaw to explore funding models. Domanski emphasised the need for a unified European approach, particularly for large-scale projects like a European air defence system, which require both funding and international cooperation.
He also called for greater efficiency, criticising Europe’s 12 separate tank systems as excessive. Potential financing solutions include leveraging the EU’s long-term budget for new borrowing, similar to the €800 billion COVID-19 recovery fund, or establishing a special purpose vehicle (SPV) with paid-in capital, akin to the European Stability Mechanism. The SPV option could involve non-EU nations, such as Britain and Norway, and keep control with governments rather than the European Commission.
Germany’s legal constraints on joint debt and the need for unanimous agreement among EU members present challenges. The financing needs will become clearer after EU Defence Commissioner Andrius Kubilius publishes a report in March outlining key priorities. However, discussions remain preliminary, with Domanski acknowledging that it is too early to decide on a specific model.
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Israeli troops have entered the buffer zone between Syria and the Golan Heights following the collapse of Bashar al-Assad's regime.
After more than a decade of waiting, Romania and Bulgaria will become full members of Europe’s Schengen free-travel area starting January 1, 2025, following Austria's decision to lift its veto.
G7 leaders pledge support for a Syrian transition to credible, inclusive governance, emphasizing human rights, rule of law, and territorial integrity.
The EU rejects calls to weaken car CO2 rules, emphasizing climate goals despite automaker pressures and EPP's push for relief on 2025 emission limits.
South Korea’s parliament passed impeachment motions on Thursday against Justice Minister Pak Song Ce and National Police Agency Commissioner Cho Ci-ho.
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