Europe's defence policy should have long been on the agenda of Brussels, Vice President said

The issue of an independent European defence policy should have long been part of the agenda of European institutions, Vice President Iliana Iotova told journalists on March 5. According to her, Europe's defence policy has never had a conflicting point with NATO. She referred to the convening of the Security Council yesterday as a positive signal. In her opinion, Bulgaria needs a more developed stance on the matter.

Iliana Iotova - Vice President:
A more developed stance in response to the letter sent by the President of the European Commission, Ursula von der Leyen, to all heads of state and prime ministers in Europe, which includes five points where Bulgaria needs to build its position. Some of these are related to the transfer of funds from cohesion funds, from cohesion policy to defence, and as you know, Bulgarian municipalities and projects also need these funds. Therefore, our position must be carefully considered and very firm. Furthermore, it is crucial to respond to the question of how these 800 billion allocated for defence will actually be spent and what they will be used for. Let us not forget that 150 billion in debt is also envisaged as part of this, which, after the debt the EU has already incurred in dealing with the aftermath of COVID, represents a significant debt burden for generations to come."

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The EU could mobilize up to 800 billion euros to give a new boost to European defence. European Commission President Ursula von der Leyen on March 4 sent a letter to all member states in the community, presenting the new plan, called "Rearm Europe." The plan will be discussed at an extraordinary EU summit of leaders on Thursday in Brussels.

The "Rearm Europe" plan includes the use of state funding for defence without triggering the excessive deficit procedure for member states. According to the European Commission, if countries increase their defense spending by an average of 1.5% of GDP, this could lead to the mobilisation of nearly 650 billion euros over a period of 4 years. Another proposal is to provide loans amounting to 150 billion euros, which would be invested in a pan-European air and missile defence, artillery systems, missile drones, and ammunition. Member states will be able to redirect funds from cohesion funds to increase defence spending. The plan also includes the mobilisation of private capital, as well as investments from the European Investment Bank.