European Union countries could reach defense spending of 3% of Gross Domestic Product (GDP) if they implement new temporary exemptions from budget rules, BTA reports.
This was stated today by European Commissioner for Economy and Productivity Valdis Dombrovskis during a press conference at which he presented the European Commission's spring economic forecasts.
According to him, the exemptions will be valid until 2029. and will mainly be used to replenish ammunition stocks, which are currently critically low due to the large-scale aid provided to Ukraine.
„NATO needs to set targets for military spending - some countries are already approaching 5% of GDP. Within the EU, we have not yet reached even 2%, but we expect an increase of 1.6% thanks to the new rules“, Dombrovskis said.“
He stressed that the EU must be ready for additional measures due to growing security threats:
„We live next to an aggressor who is rapidly expanding its military capabilities. Russia is already allocating over 30% of GDP to the army and is openly threatening not only Ukraine but also other countries“, the European Commissioner warned.
In this regard, according to him, the EU budget will have to be reviewed and adapted to the new security needs. This includes reallocating funds between different programs and potentially adjusting both the revenue and expenditure sides of the budget.