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Poland will prioritize EU defense financing during presidency
*
EU defense spending needs seen at 500 bln euros over
10 years
*
Two financing options: EU budget or special purpose vehicle
By Jan Strupczewski
BRUSSELS, Dec 11 (Reuters) - Poland will make joint European Union financing
for defense its priority during its six-month presidency of the 27-nation bloc,
arguing that security is a common European good, Poland's
Finance Minister Andrzej Domanski said on Wednesday.
The European Commission has estimated the cost of boosting the EU's
defense capabilities at 500 billion euros ($525 billion)
or more over the next 10 years.
EU finance ministers will discuss possible financing models in April in Warsaw, Domanski
said.
"I believe that security is a common good, therefore we need a common solution. There must be a European solution," Domanski said before Poland takes charge in January.
Without saying how much money was needed, he noted that large
projects, like a European air defense system, were not only about money but also
about cooperation between nations.
He also stressed the need for more efficiency, pointing to Europe's
12 different tank systems as "insane."
Any joint financing model would most likely entail new joint EU borrowing, a highly controversial idea in Europe's largest economy Germany which faces legal obstacles to joint
debt.
Diplomats say legal issues can only be bypassed if new borrowing
were a one-off response to an emergency, like after COVID-19.
POSSIBLE OPTIONS
Diplomats said talks were along two main strands: one that would
involve the EU's long-term budget as security for new borrowing,
following the model for the EU's post-COVID 800 billion euro
recovery fund.
The other option is a special purpose vehicle with paid-in capital
that would borrow against that capital, modeled on the euro zone
bailout fund, the European Stability Mechanism
(ESM), which can lend up to 500 billion euros.
The option involving the EU budget would present more difficulties, because
it would require unanimity of all 27 EU countries, limit participants to EU members and
put the European Commission in charge - a prospect some countries do not relish in the
context of defense policy.
Creating an SPV would let the EU invite other nations like Britain and Norway, keep the scheme under control of governments rather than the Commission,
and keep the debt raised off the balance sheet of governments.
"From my talks with other ministers of finance, there is a broad support for the view that we need to do way more as Europe," Domanski said.
"There are a couple of solutions on the table. I think it's way premature to decide which of them would be chosen."
The size of the EU's financing needs will be better understood after the publication of
a report by new EU Defence Commissioner Andrius Kubilius, due by early March,
spelling out what defense efforts should focus on.
For now, discussions on financing options are at an early stage.
"We may be starting to tie our shoes before going to the starting blocks," one EU diplomat said.
($1 = 0.9519 euros) (Reporting by Jan Strupczewski; Editing by Andrew Cawthorne)
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