1/3 of the budget for the army - the EU is expected to spend around 400 billion euros on defense
The European Union is preparing to channel more than 390 billion euros in defense and security spending for the bloc. After the election of Donald Trump at the head of the White House, discussions on strengthening the European defense industry have resumed.
The possible withdrawal of the US from NATO agreements and the reduction or cessation of US military aid to Ukraine increases the challenges and risks for EU security. In addition, Trump has warned NATO allies that he would not guarantee their defense if they did not pay their fair share of defense spending, at least 2% of the Gross Domestic Product.
Meanwhile, stocks in European defense industries rose after Trump's election. Shares of the Italian company Leonardo SpA rose by 17% while those of the German arms manufacturer Rheinmetall by 22%.
According to the Financial Times, Brussels is changing EU funding policy to redirect up to 1/3 of the EU budget for 2021-2027 to defense spending.
These funds will be taken from the Cohesion Funds, which aim to reduce economic inequality between EU countries. Member states will have more flexibility in allocating these funds to support their defense industries and military mobility projects, such as strengthening roads and bridges to allow the safe passage of tanks.
This will include allowing funding to increase the production of arms and ammunition, although a ban on the use of EU funds to purchase these arms will remain in effect.
How has this week started for major currencies?
The American dollar was bought today at 92.6 Lek and was sold at 93.8 Lek from last week, with a slight decrease in the quota according to the local exchange......
Year-end bonus/Rama: 15,000 ALL bonus for pensions up to 20,000 ALL!
Prime Minister Edi Rama announced today in the Parliament of Albania, that in the following days, the government will release a fund of 100 million euros for......
Report/ Europe's plans to continue relying on gas endanger climate commitments!
Growing gas power across Europe threatens to jeopardize climate commitments and lock out fossil fuels for decades, a new report has found. The briefing from......
American companies worried if China retaliates to fight Trump!
With President-elect Donald Trump's trade and foreign policy team taking a tough stance on China, US companies are increasingly concerned that a tough......
35 years since the fall of the Berlin Wall - The values of 1989 and today's challenges of democracy
The Economist Germany celebrated on Saturday the 35th anniversary of the fall of the Berlin Wall, which for decades divided West and East Germany. The fall......
Turkey fines Amazon with 2 million lira for data breach!
Turkey's Personal Data Protection Board (KVKK) has fined Amazon.com, launching new gaming platform Twitch, 2 million liras ($58,000) for a data breach, the......
How much income goes to rent for minimum wage citizens in Europe?
"Housing, water, electricity and gas" accounted for the largest share of household expenditure in the EU. In 2022, almost a quarter of all household......
The Dutch government avoids collapse after the resignation of the secretary of state!
The Dutch government dominated by far-right leader Geert Wilders has survived - for now - a government crisis that centered on the resignation of the finance......
