Europe's Urgent Defense Dilemma: Funding the Fight Against Future Threats

Europe is in a race against time to secure billions for military spending to guard against potential Russian attacks. Andrius Kubilius, the EU's new defense commissioner, stresses the urgent need for substantial financial solutions and weapon procurement, as geopolitical tensions and US policy shifts heighten concerns.

Europe is grappling with the urgent task of finding ways to fund extensive military spending within the next year, as expressed by Andrius Kubilius, the EU's new defense commissioner. He warns of the pressing need for significant financial solutions to bolster Europe's defenses against potential Russian threats.

Kubilius, a former Lithuanian prime minister, highlighted the necessity of a 'big bang' approach to procurement and finances during an interview with Reuters. His concerns echo those of many EU leaders who fear that their countries could be the next target after Ukraine, prompting a reevaluation of defense strategies amid shifting geopolitical landscapes.

The European Commission projects that around 500 billion euros are needed over the next decade for defense investments. Despite suggestions such as EU defense bonds and borrowing against future national defense budgets, consensus on funding sources remains elusive due to differing fiscal policies among EU members.

(With inputs from agencies.)