DECRYPTION – Worn out by the pandemic, Europeans have seen their level of indebtedness soar.
Europe has a money problem. The war in Ukraine multiplies the challenges to European strategic autonomy. So many new priorities, some urgent, to be funded. However, the EU’s 2021-2027 multi-annual budget and even the historic recovery plan decided to deal with the pandemic will not be enough. Emergency aid to Ukraine already amounts to 4 billion euros. The Commission is proposing an envelope of 9 billion, which must be discussed by the Heads of State and Government on Monday in Brussels. These should be loans whose interest would be paid by the EU budget. A drop of water next to the needs, then, of the reconstruction of the country, evaluated at several hundreds of billions.
Added to this is the cost of defense. Under discussion, a financial instrument would aim to allow the reconstitution of the arms stocks of the European States which have delivered equipment to Ukraine. A bill of 500 billion euros, with EU co-financing. In the longer term, the…
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