President of Finland calls on Europe to move to "wartime economy"

Europe needs to move to a "wartime economy", combine arms orders and develop the defense industry in the long term.

Finnish President Alexander Stubb said in an interview with Bloomberg.

He noted that the European Investment Bank (EIB) should also "go beyond its red lines" and finance the military industry more vigorously.

In April, Western media reported that the European Union intends to revive the Capital Markets Union (CMU) plan to raise hundreds of billions of euros to accelerate the bloc's defense capabilities and bring the minimum level of military spending by member states to 2% of GDP.

According to the European Central Bank (ECB), just to achieve this target, the EU needs to raise €75 billion annually.

Author - Dmitriy Levchenko, 03/07/2024