Europe must increase defense spending to strengthen its own security in the context of the ongoing conflicts in Ukraine and the Middle East, said Greek Prime Minister Kyriakos Mitsotakis, quoted by the Greek newspaper "Kathimerini", BTA reports.
"Russian aggression in Ukraine and instability in the Middle East require Europe to take greater responsibility for its security," Mitsotakis stressed in a commentary published in the "Financial Times".
The Greek Prime Minister arrives in Brussels today for an informal meeting of the European Council, at which issues of strengthening European defense and the search for new ways to finance it outside national budgets will be discussed, the Greek agency ANA-MPA reports.
Mitsotakis proposes the creation of a European financial instrument of 100 billion euros to finance European security needs outside national budgets, taking advantage of the positive experience of the Recovery and Resilience Fund. It also proposes greater flexibility in fiscal rules to give member states room for defence investment.
According to him, defence investment should be excluded from the budgetary constraints before the excessive deficit procedure is launched, rather than after the start of such a process, as is the case under the current budgetary framework. This would provide the necessary fiscal space for countries wishing to increase defence investment without compromising their fiscal stability.
During the informal European Council lunch, EU leaders will discuss cooperation with NATO, with NATO Secretary General Mark Rutte also taking part in the discussion. The dinner of the 27 European leaders will also discuss cooperation with the UK in the field of security and defense, and the event will be attended by British Prime Minister Keir Starmer.
Greece, which already allocates more than 3% of its Gross Domestic Product to defense spending, is at the forefront of efforts to strengthen European defense. Mitsotakis is one of the first European leaders to openly support Europe's strategic autonomy and the need to strengthen European defense and the defense industry, especially in the context of growing global challenges.