Financial Times<\/em> (FT) reports that British Finance Minister Rachel Reeves will hold talks with other European finance ministers at this week’s G20 meeting in Cape Town as the war in Ukraine enters its fourth year.<\/p>\nPolish Finance Minister Andrzej Domanski said: “It could be a fund or a bank. For example, there is the concept of a rearmament bank, which we are also considering,” Mr. Domanski told the FT.<\/p>\n
“It is hard to imagine European defense without Great Britain,” Domanski told the FT, adding that talks with Britain had been taking place for months.<\/p>\n
The UK Treasury confirmed that Reeves would “raise defense funding proposals with his European counterparts” at the G20, but said the talks were at an early stage.<\/p>\n
US President Donald Trump is demanding that European NATO allies increase their defense spending to 5% of GDP, higher than the current target of 2%, which some have yet to reach, or risk losing US protection.<\/p>\n
The US President’s rapprochement with Russia, which many European countries see as an “existential threat,” has sparked heated discussions on how to collectively strengthen Europe’s defense capabilities and reduce dependence on American troops and weapons.<\/p>\n
In a telephone conversation this weekend between European Commission President Ursula von der Leyen and British Prime Minister Keir Starmer, and in a separate telephone conversation between Leyen and Norwegian Prime Minister Jonas Gahr St\u00f8re, Europe’s collective defense spending was discussed in general, according to a person familiar with the discussions.<\/p>\n
European countries are looking for ways to increase their defense capacities at a time when national budgets are extremely limited. A bank utilizing national guarantees could allow countries to increase their spending without increasing their balance sheets in advance.<\/p>\n
At a time when Britain’s ability to increase spending is severely constrained by self-imposed fiscal rules, it is looking at ways to increase defense spending from 2.3% to 2.5% of GDP, at an extra cost of at least \u00a35 billion a year.<\/p>\n
Among the proposals is that of General Sir Nick Carter, the former head of the British army, who has suggested setting up a “rearmament bank” to draw on Europe’s savings pool, modeled on the European Bank for Reconstruction and Development<\/em>, which was set up to support Central and Eastern Europe after the collapse of the Soviet Union.<\/p>\n“The Treasury is interested,” said one person involved in discussions with Reeves’ team, but Treasury officials said there were many models for multilateral financing on the table and that Reeves was open-minded about next steps.<\/p>\n
EU leaders will meet at the end of March to discuss common defense needs, and Poland’s goal is to make progress on financing needs at a meeting of EU finance ministers in April.<\/p>\n
The European Commission said this month it would partially lift EU financial rules to allow countries to invest in defense, a move that would allow countries to borrow without incurring sanctions.<\/p>\n
Leyen also opened the door to “common European financing” for joint defense projects and is expected to detail financing options in March.<\/p>\n
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The UK will join EU leaders this week in talks on establishing Europe-wide defense financing arrangements as continental Europe seeks to strengthen its military amid fears that the US security umbrella will disappear. The Financial Times (FT) reports that British Finance Minister Rachel Reeves will hold talks with other European finance ministers at this week’s […]<\/p>\n","protected":false},"author":1,"featured_media":8051,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"ep_exclude_from_search":false,"footnotes":""},"categories":[3],"tags":[7128,6702,7126,6708,319,7124,2518,6811,7129,3650,801,503,7130,2725,6701,207,6574,7127,7125,2011,5232],"class_list":["post-8050","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-europe","tag-andrzej-domanski","tag-defense-budget","tag-defense-financing","tag-defense-investment","tag-donald-trump","tag-eu-defense-funding","tag-european-commission","tag-european-defense","tag-european-military","tag-european-security","tag-g20","tag-headline","tag-joint-defense-projects","tag-keir-starmer","tag-military-spending","tag-nato","tag-rachel-reeves","tag-rearmament-bank","tag-uk-defense-spending","tag-ursula-von-der-leyen","tag-us-europe-relations"],"yoast_head":"\n
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