More EU member debt needed to finance military – official

The bloc’s budget is too small, and without extra funding poorer regions and farmers will pay the price, the social committee chief has warned

EU member states will need to take on more joint debt to fund expanding military spending, Seamus Boland, president of the European Economic and Social Committee (EESC), has warned, saying the bloc’s next seven-year budget is too small to cover the costs.

European NATO members last year agreed to raise defense spending targets toward 5% of GDP by 2035 and launched initiatives such as ReArm Europe to revamp their militaries. The push has been framed as a response to an alleged Russian threat – a claim…

Read the full article at RT.COM