cross-posted from: https://sopuli.xyz/post/23381949
EC on Mastodon: https://ec.social-network.europa.eu/@EUCommission/114103445436423181
BRUSSELS, March 4 (Reuters) - The European Commission proposed on Tuesday new joint EU borrowing of 150 billion euros ($157.76 billion) to lend to EU governments for defence as part of an overall 800 billion total financing effort to boost Europe's defence capabilities.
The 150 billion euros of new joint borrowing is to go towards building pan-European capability domains like air and missile defence, artillery systems, missiles and ammunition, drones and anti-drone systems or to address other needs from cyber to military mobility, the Commission said.
"It will help Member States to pool demand and to buy together. This will reduce costs, reduce fragmentation increase interoperability and strengthen our defence industrial base," Commission President Ursula von der Leyen said.
EU leaders will discuss the proposal at a special summit devoted to defence spending on Thursday.
The Commission also proposed to lift limits imposed by EU rules on government spending in case of defence investments.
"If Member Sates would increase their defence spending by 1,5% of GDP on average this could create fiscal space of close to 650 billion euros," von der Leyen said.
The Commission also proposed that EU countries can use for defence purposes money they receive from the EU budget in funds to equalise the standards of living across Europe.
All these elements could provide up to 800 billion euros for EU governments to spend on defence projects.
"Europe is ready to assume its responsibilities. Europe could mobilize close to 800 billion euros for a safe and resilient Europe. We will continue working closely with our partners in NATO. This is a moment for Europe. And we are ready to step up," she said.
Came here to post this, but saw that this thread existed already. :)
So, as a result of the US abandoning its previous role, the EU is moving to replace the capabilities offered by the US previously.
The sum is not impossibly big, the total volume of the EU response to COVID was about 2 trillion, so this is about 40% of the volume of the COVID response budget.
It is also necessary to spend more in the ramp up phase of any project, especially an expedited one.
What I'm most concerned about is a bunch of 20th century dinosaurs building up a conventional fighting force in 2025. As much as I hate to say it, the EU should focus primarily on drone and cyber warfare and the "AI" automation systems to control them. 1 multi-million dollar tank doesn't stand a chance against a swarm of a dozen (or hundred) thousand-dollar kamakazi drones. I'd prefer they not exist, but Russia, China, and America will have no reservations building killbots.
The EU should also focus on domestic chip fabrication, and providing protection to Taiwan.
If only there were a European country that is investing in the drone technology like their existence depended on it...
Using this money to buy tech from Ukraine would be delicious
Why should the EU provide protection to Taiwan? If it's just to have a tech manufacturing industry on a small island precariously adjacent to an imperialist police state with authoritarian tendencies, Ireland's happy to help.