Finance ministers from European Union countries have expressed interest in establishing a joint defense fund aimed at acquiring and managing defense equipment. However, some of them emphasized that before implementing this initiative, the EU must first assess the available funding options.
This is reported by Finway
These discussions are taking place as part of broader efforts by Europe to prepare for potential threats from Russia. The EU, along with some partners such as Britain, Ukraine, Norway, and Canada, is considering the creation of an intergovernmental fund that could borrow funds from the market for the joint acquisition of expensive military equipment.
Increasing Defense Spending in Europe
During the discussions, ministers expressed general support for increasing defense spending in Europe, but stressed the need to approach this issue wisely, enhancing military cooperation among countries.
Spain’s Funding Initiatives
Additionally, Spain has urged the EU to develop a temporary instrument for financing large-scale pan-European projects. Madrid proposes not only providing concessional loans but also grants for EU countries, particularly for the eastern ones that are more vulnerable to Russian aggression. Spain also advocates for using part of Russia’s frozen assets to finance military support for Ukraine.