From Warsaw, the foreign ministers of five EU countries and that of the United Kingdom opened the issue of Eurobonds, a common debt to finance military spending. Tajani: “it would also help us resolve the issue of 2 percent of GDP for defense”
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In the meeting of Warsaw “We reiterated our support for Ukraine and spoke out in favor of birth of European bonds to finance defense“: it is “a fair and acceptable proposal and I hope that it can be implemented, this would also help us resolve the issue of 2 percent of GDP for defense”. The Italian Foreign Minister said this on Tuesday Antonio Tajani speaking to the press on the sidelines of an event at the Farnesina.
On the occasion of the thousandth anniversary of the Russian invasion of Ukraine, the foreign ministers of France, Germania, Italia, Poland, Spain e United Kingdom They discussed, among other things, the issuance of joint debt to finance military spending, including efforts to reach the 2 percent of GDP defense target agreed upon within NATO.
“For the first time here in Warsaw the five largest European countries agree on the need for European defense bonds,” the head of Polish diplomacy declared on the sidelines of the meeting Radoslaw Sikorskiaccording to which the discussion represented “a very important turning point”.
Foreign Ministers in Warsaw: reaffirming the lasting role of a strong and united NATO as the foundation of European defense and security
In a joint statement published on Tuesday the ministers said they believed it was “imperative to strengthen NATO increasing spending on security and defensein line with the commitments made previously”.
“We also talked about transatlantic relations. We are convinced that we must work together with the USA, also with regard to any initiative to achieve peace – added Tajani -. A peace that can only be just, and which does not represent the defeat of ‘Ukraine but which guarantees the territorial integrity of that country.”
Also present at the meeting was the next High Representative for Foreign Policy Kaja Kallas. According to reports from Sikorski Ukrainian Foreign Minister Andrii Sybiha was unable to attend in person for “logistical reasons”.
Support collective defense initiatives and enhance our military capabilities, fostering greater autonomy in security matters. This turning point signifies a potential reconfiguration of defense partnerships within Europe, paving the way for more unified military strategies and operations among member states.
Interviewer: Good day, Ministers! Thank you for joining us today. As we discuss the possibility of Eurobonds to finance defense, some may argue that it could lead to further financial instability in the EU. What are your thoughts on this potential challenge?
Foreign Ministers: Ministers of France, Germany, Italy, Poland, Spain, and the United Kingdom: We understand the concern regarding financial stability, and we are committed to responsible fiscal management. However, we believe that the potential benefits of common debt for defense outweigh any risks associated with it. By financing defense through joint bonds, we would be able to pool resources and share the burden more equitably among member states. Furthermore, we are confident that the European Union’s economic potential would help us manage any potential financial challenges.
Interviewer: Minister Tajani, you mentioned that Eurobonds could help resolve the issue of 2% GDP for defense spending. Could you elaborate on how this is possible?
Antonio Tajani: Certainly, interviewer. Firstly, by issuing joint debt, we can create a system of mutual support within the EU, which would encourage more countries to meet the 2% GDP spending target. Currently, only a few countries are meeting this target, while others are struggling to reach it. Eurobonds would provide an incentive for those countries to increase their defense spending. Secondly, the money raised through the bonds could be used to fund joint defense projects, which would benefit all member states and reduce the overall cost of defense. This could include the development of new technologies or infrastructure that would be shared across the EU.
Interviewer: Minister Sikorski, you indicated that the issuance of Eurobonds represents a ‘very important turning point.’ Could you describe the significance of this statement and what it means for European defense going forward?
Radoslaw Sikorski: This is a historic moment for European defense. For the first time, the five largest economies in the European Union are united in acknowledging the need for common debt to finance our defense. This shows a shift in mindset and a commitment to strengthening our joint security. Moreover, it demonstrates that we are taking responsibility for our own security, instead of relying solely on the United States. Eurobonds would allow us to
