No. 038
Β·
Article
Should Europe Issue Joint Defence Bonds? The Debate That Could Reshape the EU.
Franco-German disagreement on shared debt is holding back a European rearmament that both say is essential.
β¬200B
Proposed bond volume
β¬70B/year
EU defence spending gap vs. NATO target
14
Member states supporting joint bonds
8
Member states opposing
The precedent problem
Key Takeaways
- Macron proposed β¬200B in joint EU defence bonds; 14 member states support the idea
- Germany and the Netherlands lead opposition, fearing permanent debt mutualisation
- The EU's annual defence spending gap vs. NATO's 2% target is roughly β¬70B
- The debate echoes the Eurobond controversy but with a security argument that may prove more persuasive
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