"This is a budget for a new era, one that matches Europe's ambition, addresses Europe's challenges and strengthens our independence."
"The world is changing rapidly, the most important thing is to rearm Europe"
"all other priorities and principles must be addressed after we have made the necessary decisions on how to rearm."
On July 16 the European Commission unveiled a nearly €2 trillion multiannual financial framework for 2028–2034. The proposal raises the defence and space budget to €130 billion and adds €100 billion for Ukraine. Member States will negotiate the proposal over two years, with broad agreement that increased defence spending is necessary given current geopolitical realities. Divergent national interests, budgetary constraints and unclear capability priorities complicate implementation and leave many financial pledges largely virtual. European rearmament efforts began in 2017 and gained urgency from recent US policy shifts, ongoing fighting in Ukraine and NATO warnings of a potential Russian threat within three to five years. The Commission published a Readiness 2030 White Paper in March that requires translation into concrete actions.
Read at London Business News | Londonlovesbusiness.com
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