Prime minister: EU has €100 billion defense spending shortfall
Prime Minister Kristen Michal (Reform) backed an issue of EU defense bonds on Wednesday as a way to make up an estimated €100 billion defense spending shortfall.
"Ukraine's victory is existential for European security and we need to act like it – today and [in] years to come," he told journalists in Brussels at a press conference with President of the European Parliament Roberta Metsola.
"Russia has prepared for a long confrontation and so must we. This means that all European countries need to invest much more in defense capabilities and resilience so that Russia will not even dare to make the mistake to test our nerve," the politician said.
Michal said we do not have the "luxury" of waiting until the bloc's next long-term budget.
"According to our calculations, at least €100 billion is required to remedy the existing urgent shortfalls. Issuing defense bonds probably would be an opportunity for fundraising at scale," he said.
Earlier this year, Michal's predecessor Prime Minister Kaja Kallas (Reform) also proposed a €100 billion Eurobond issue to bolster the EU's defense sector.
Additionally, Michal said he would raise funding for Ukraine at tomorrow's Europan Parliament meeting.
Asked about Poland's move to stop accepting asylum claims from migrants crossing the Belarusian border, he hoped Prime Minister Donald Tusk would provide more information.
He called the use of migration as a weapon by Russia a "hybrid threat" and said Estonia and many other countries shared similar concerns over the issue.
"We are all in this together, this is a matter to discuss, and I hope the Polish prime minister will explain," Michal said,
Press Point with the Prime Minister of Estonia @KristenMichalPM @RobertaMetsola @Europarl_EN @Europarl_ET https://t.co/WDr9ZIrwcR
— Roberta Metsola (@EP_President) October 16, 2024
The prime minister is attending the European Union-Gulf Cooperation Council (EU-GCC) Summit in Brussels on Wednesday. He will also be taking part in the European Council meeting starting tomorrow.
Discussions will focus on Ukraine, the situation in the Middle East, EU competitiveness, migration issues, and closer ties with Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the United Arab Emirates.
Michal will also meet with European Commission, Council and Parliament presidents Ursula von der Leyen, and Charles Michel.
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Editor: Helen Wright