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EU Parliament: Yes to “ReArm Europe”, responding to threats like in “wartime”. Eurobonds and EIB for weapons

(Photo European Parliament)

(Strasbourg) The European Parliament supports the ReArm Europe plan by a large majority; rejects the proposal to rename it “Defend Europe”; and argues that responses to security risks and threats must be “close to those of wartime”. In a non-binding resolution adopted today by 419 votes in favour, 204 against and 46 abstentions, MEPs call on the EU to “act urgently and ensure its own security”. In the text, which represents the contribution of MEPs to the so-called “White Paper” on the future of European defence, which the Commission and the High Representative are due to present next week, Parliament calls for concrete measures enabling “truly ground-breaking efforts” and actions “similar to those used in wartime”. At the same time, Parliament supports the “ReArm Europe” plan proposed by the Commission, and calls for the possibility of introducing a system of European bonds (Eurobonds) to finance large-scale military investments. It also calls for unused “coronabonds” to complement “ReArm Europe”. In addition, the adopted text calls on the European Investment Bank (EIB) to “invest more actively in the European defence industry” thanks to the removal of “restrictions on financing defence”, and the “possibility of issuing earmarked debt”.

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