French President Emmanuel Macron at the EU summit in Brussels will urge EU leaders to accept plans to increase defense spending, promoting the idea of joint defense bonds, the Financial Times reports, citing European diplomatic sources.
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“Obviously, we are raising this issue to say that we need innovative sources of financing… So, Eurobonds for us… should be considered,” an Elysee Palace spokesman said.
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Diplomats say Macron’s stance on bond issues could “dominate” the EU summit in Brussels. Paris also insists that potential defense financing options should be considered in parallel to each other, given the importance of the goal of developing a European defense industry while supporting Ukraine.
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However, Germany and several other countries, including the Netherlands and Denmark, say the idea of joint borrowing is not a viable option, according to sources.
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On talks over the use of proceeds from frozen Russian assets, diplomats said it was too early for EU leaders to approve any plans this week and that states concerned about their legality would need more time to decide their position.
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The next EU summit in Brussels will take place on March 21-22. On the first day of the summit, heads of state and government will discuss where to get funds for long-term investment in defense, as well as for the urgent needs of the Ukrainian army, which constantly complains to Western allies about a shortage of weapons and ammunition.
