Leaders of the European Union are currently in a meeting in Brussels, discussing a possible common debt to support a massive increase in military spending. The Russian threat is prompting member states to reassess European defense funding, with some voices calling for a solution similar to the one implemented during the pandemic. France, Italy, and Belgium support the idea, while the Netherlands and Germany remain reluctant.
France and Greece stand together
French President Emmanuel Macron advocates for a „new large loan,” while Greek Prime Minister Kyriakos Mitsotakis calls for „more ambition.”
"We need to be more ambitious. It shouldn't just be about loans, as it is now. I believe we need to seriously discuss the possibility of a common loan facility that would provide subsidies to member states," said Greek Prime Minister Kyriakos Mitsotakis.
"We advocate for a new large loan with own resources to be allocated to this effort at the European level," supported Emmanuel Macron.
Germany and the Netherlands oppose
Despite having strong supporters, certain member states remain skeptical.
Germany, in a period of political transition, has not clearly signaled support for a common debt.
Future German Chancellor Friedrich Merz declared as early as September: "I want to say it very clearly. Now and in the future, I will do everything to prevent the European Union from entering into such a debt spiral," AFP recalls.
The Netherlands, in turn, strongly opposes a common debt.
"The Netherlands' position is that we are against it," reiterated Prime Minister Dick Schoof at the summit.
A crucial decision for the future of the EU
The discussions in Brussels are essential for the strategic future of the EU.
Countries in the South, along with Poland and the Baltic states, support the idea of a common defense funding mechanism.
"The White Paper on Defense is just a first step. We are open to other discussions on how we can find even more funds," stated Latvian Prime Minister Evika Silina.
However, it remains to be seen if Berlin will be willing to pivot, as it did in 2020 under Angela Merkel.
"Obviously, Russia's neighbors are more targeted, it goes without saying (...), but the threat we face concerns us all," warned European Council President Antonio Costa.
An idea inspired by the Covid-19 pandemic
The discussion on common debt is not new within the European Union. At the height of the Covid-19 pandemic, member states agreed on a historic 800 billion euro plan to revive affected economies. Today, facing an existential threat, some leaders believe that this logic should also be applied in the defense sector.