93 billion euros for the military - EU considers shifting Covid-19 funds to defense
The European Union is considering redirecting 93 billion euros of pandemic recovery funds to strengthen the defense sector.
European Commission President Ursula von der Leyen mentioned the funding possibility at a meeting of the center-right European People's Party, according to inside sources. The bloc's additional defense needs are estimated at around 500 billion euros over the next decade.
The EU could also repurpose regional development funds, von der Leyen said, citing "joint European financing" as another option being explored.
European officials have been discussing in recent months a plan to set up an intergovernmental defense financing vehicle, potentially including the United Kingdom and Norway. This option would bypass the veto of neutral or Russia-friendly countries that are not in favor of using joint debt for defense.
The €93 billion borrowing capacity from the Pandemic Recovery and Resilience Facility represents unused funds from a total of €800 billion in grants and loans intended to stimulate their economies after the pandemic. Using the funding would require changes to regulations, which would need to be supported by a majority of EU countries and the European Parliament.
Member states will also be allowed to increase their national defense budgets without suffering sanctions under the bloc's fiscal rules, von der Leyen announced.
Poll
Negotiations with the EU begin for 8 new areas - Dhuka: Positive signals, progress in 6 months for 27 chapters together
Albania is ready to open negotiations with the EU on 8 new chapters that touch on several important areas of the economy. The Committee on European Affairs......
920 million euros for chip factory in Germany - European Commission approves the fund. Plant, ready in 2031
The European Commission has approved state aid of 920 million euros for the construction of a new semiconductor manufacturing plant in Germany. The move......
“aDigital Perspective”, an intercultural exhibition - Coming to “Gocat”, by the Mane Foundation and the Italian Embassy
The intercultural exhibition "aDigital Perspective" opens at the "Gocat" gallery, as the fruit of the collaboration between the Mane Foundation and the......
Highways, in projects of national importance - Unique list/ 134 major investments in all sectors
134 major investments in Albania are part of the Unique List of Projects of National Importance. The list contains public investment projects, which......
Germany, the "sick man" of Europe again? - The decline of industry, dependence on exports increase uncertainty about the future
The economy ranks as a top concern among German voters ahead of Sunday's general election. Germany has gone from being Europe's economic powerhouse to the......
Diaspora vote/ Celibashi: Over 160 thousand voters registered in PER. Anyone who is rejected can reapply!
The State Election Commissioner, Ilirjan Celibashi, announced today through a post on social networks that over 160 thousand Albanian voters from abroad have......
No more trade war? – Trump: "The relationship I have with President Xi is excellent"!
US President Donald Trump told reporters that a trade deal with China "is possible" in an interview aboard Air Force One. He said he has "a great......
Getting your license back after losing points – DPSHTRR: Only 234 people have regained it!
The General Directorate of Road Transport Services announced today that out of 1,813 new registrations after losing all points on their driving license, only......
