“My position is straightforward — if defense is the principal European public good, we require European structures and funding to enhance our defense capabilities,” Mitsotakis expressed to POLITICO.
“There is an issue we’re not addressing directly. Could we imagine a scenario where a joint European borrowing facility is created to support European defense projects?” he continued.
“I would certainly back that, on the condition that projects qualify clearly as a European public good … let’s utilize European funds for initiatives we might not manage at the national level,” Mitsotakis stated.
Although the European Commission has proposed plans to relax fiscal guidelines allowing for increased borrowing to support a large-scale rearmament initiative, nations remain divided on the concept of sharing the debt to release additional resources. Several cross-border projects have been identified, like anti-drone strategies, but the responsibility largely lies with national governments for investments.
“The challenge is whether we can secure extra funding and if it can be tied to conditions steering us toward better preparation,” Mitsotakis noted, “which includes joint procurement, the development of new technologies, especially drones and AI, areas where the Commission and European institutions have pivotal roles.”
According to a draft joint statement prepared by ambassadors from all 27 EU member states before Thursday’s summit, the bloc will commit to “increasing defense investment towards collaborative development, production, and procurement.”
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