More freedom for defense spending! - 15 EU countries allowed to "deviate" from rules to strengthen their military
EU finance ministers gave 15 member states the right to deviate from the bloc's fiscal rules in order to massively increase defense spending.
"At this critical moment, investing in our defense capabilities must remain our top priority," said official sources from Denmark, which currently holds the rotating presidency of the Council of the EU. The activation of the national rescue clause will allow member states to increase defense spending, while maintaining sustainable public finances.
The countries that have benefited from the clause are Belgium, Croatia, Czech Republic, Denmark, Estonia, Finland, Greece, Hungary, Latvia, Lithuania, Poland, Portugal, Slovakia and Slovenia.
Germany has also sought to benefit from softer fiscal rules for defense, but the EU Council is not yet in a position to make a decision, as Berlin has not yet presented its medium-term fiscal-structural plan. The new government is expected to do so before the end of the month, with the request to activate the national clause likely to be voted on in September.
The measure allows these states to increase defense spending by 1.5% of gross domestic product (GDP) each year for four years without consequences, even if this takes their total deficit above the 3% of GDP limit set in the Stability and Growth Pact.
This is part of the EU's €800 billion 'Readiness 2030' plan to increase defence spending over the next four years. The new target represents a tough ask for several EU allies, such as Belgium, Italy, Hungary, Romania, France, Poland and Slovakia, which have already been targeted by Brussels over their weak public finances.
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