FinancePoliticsWar The EU defense commissioner wants to increase EU defense spending by 900%. Tuesday, December 10, 2024

EU defense and space commissioner Andrius Kubilius wants the next seven-year EU budget to include around €100B for defense needs. The current seven-year EU budget, which exceeds €1T, only includes €10B for defense.

Kubilius said rebuilding the EU defense industry after decades of decline following the Cold War will require a lot of money. European Commission President Ursula von der Leyen has previously spoken of the need to increase European defense spending by another €500B over the next decade.

Kubilius said finding the money would be difficult, but without it, all defense plans remain “theoretical.” The new money could come from increasing the EU budget, issuing joint debt, and easing rules for institutions such as the European Investment Bank.

Kubilius suggested that the EU review its fiscal rules regarding defense spending.