Josep Borell: "A high-intensity conventional war in Europe is no longer a fantasy"

A large-scale conflict in Europe "is no longer a fantasy", and Europeans must find new ways to prepare financially for war, Josep Borrell warned yesterday at an economic forum held in Brussels. High Representative of the European Union for Foreign Affairs and Security Policy.

Josep Borrell stated: "War is definitely looming around us (...) and a high-intensity conventional war in Europe is no longer a fantasy. Russia threatens Europe with its war in Ukraine and hybrid attacks on EU member states. The war will not start tomorrow, but we cannot deny the reality."

The statements of the high official of the European Union take place in the context in which several European military chiefs recently issued warnings regarding certain future actions by which the Russian Federation could try to undermine NATO in the next ten years.

During the forum, the EU High Representative for Foreign Affairs and Security Policy also referred to recent statements by former US President Donald Trump, who threatened not to defend NATO allies in Europe who do not spend enough on defense.

Josep Borrell said: "The US umbrella, which we have relied on since the Cold War, may not be open all the time. Maybe, depending on who runs Washington, we won't be able to count on America to protect us. Within an alliance, the priorities of individual members can change."

We remind you that, from February 24, 2022 - the date of the invasion of Ukraine by the Russian Federation - until now, the EU member states have abandoned the policy of reducing defense spending and intensified their plans to increase their industrial production capacity. However, European efforts to increase arms supplies to Ukraine and rearm its own domestic military forces have only recently gained momentum due to a lack of necessary funding for defense investment.

Regarding this, Josep Borrell said: "EU member states have created a European Defense Agency, but they have not funded it." He stated that the body is necessary because of "the duality between those who have knowledge about weapons and have been doing reports for years, documents that no one has looked at carefully". That is why the European official claims that a new intergovernmental financing instrument is needed, comparable to the one created during the financial crisis in the euro area.

Some of the European leaders rallied to the solution launched by Estonia, that this financing be obtained through common debts by issuing common defense bonds. Another solution would be to use the profits made from frozen Russian assets in Europe transferred to the European Peace Facility (EPF), or more radical calls to relax the EU bloc's rules to allow the EU budget to finance the purchase of armaments.

Moreover, European leaders decided last month that the European Investment Bank (EIB) should adjust its lending policy for the defense industry and on dual-use goods. However, most of the implemented solutions are considered insufficient to generate sufficient financial capacity to cover the growing need for defense spending financing.