EU Plans Shift Towards Military Economy Amid Russia-Ukraine War

Business | March 5, 2024, Tuesday // 09:12|  views

With the continuation of Russia's war in Ukraine, the European Commission is set to propose a significant shift towards a military economy regime within the European Union. Thierry Breton, the European Commissioner for Industry and former CEO of a French technology company, is spearheading the initiative aimed at bolstering the EU's arms industry to enable it to transition into a "war economy mode."

Breton's proposals, which will be unveiled soon, outline strategies to incentivize EU member states to procure more weapons collectively from European defense companies. The objective is to enhance production capabilities within the EU and lessen dependence on external sources amid geopolitical uncertainties.

The urgency of this initiative is underscored by Breton's acknowledgment of the potential implications of a renewed presidency for Donald Trump in the United States. With shifting dynamics in global politics, there's a growing realization within the EU of the need to fortify its defense capabilities independently.

Among the proposed measures is the creation of a European equivalent of the US Foreign Military Sales scheme, which facilitates arms transactions between the US and other nations. Additionally, Breton aims to empower the EU to mandate European defense firms to prioritize domestic orders during times of crisis, ensuring the continent's readiness to respond to security threats effectively.

The move signals a proactive stance by the EU in safeguarding its interests and sovereignty amidst escalating geopolitical tensions. By prioritizing a collective approach to defense procurement and bolstering domestic production capacities, the EU aims to reinforce its resilience and autonomy in the face of evolving security challenges.

We need your support so can keep delivering news and information about Bulgaria! Thank you!

Tags: EU, military, defense, Geopolitical


» Related Articles: