EU bolsters defense amid tensions, plans $110 billion investment
There’s been considerable discussion regarding comments made by Donald Trump during a February meeting with voters.
1:44 AM EST, March 4, 2024
"One of the presidents of a large country asked me: well, sir, if we don’t pay and we get attacked by Russia, will you protect us? I responded: No, I will not protect you. In fact, I would encourage them (Russia), to do whatever they wish with you. You’ve got to fulfill your financial obligations to NATO," remarked Donald Trump.
Brussels' Plan for the Arsenal
"Europe is attempting to make up for lost time in the first months of the war. The goal is essentially to develop an industrial capability strong enough to protect the EU from the threat of Russia without major intervention from the USA," "Dziennik Gazeta Prawna" reports, noting that Brussels has announced a new defense investment program.
Over the next year, $110 billion (converted from 100 billion euros) will be allocated for investments.
EU Commissioner Thierry Breton stated that Europeans "must enter a war economy mode." The EU also plans to implement a joint purchasing mechanism overseen by the European Commission, a strategy similar to the one used for procuring COVID-19 vaccines.
According to "DGP", the plan for the European defense industry comprises "a European arms sales mechanism, funding for key European defense projects, and VAT exemptions for groups of countries that decide to jointly purchase European weapons."
Europe Increases Its Military Spending
In 2022, military spending in Europe soared by 13 percent, marking the highest increase since the Cold War, according to the Stockholm International Peace Research Institute (SIPRI). During the same period, Poland upped its military expenditures by 11 percent, ranking among the leaders together with Finland, Lithuania, and Sweden.
Finland leads in European military spending, having prepared for NATO membership and joining the alliance at the start of April 2023. The country boosted its military budget by 36 percent - the most significant increase since 1962. Lithuania follows, with a 27 percent increase, and Sweden is third, having raised its budget by 12 percent. Poland, with an 11 percent increase, ranks fourth in Europe in terms of military spending.
Overall, military expenditures of Central and Western European countries reached $345 billion in 2022, showing a 30 percent increase from 2013.
