It seems like the European Commission President’s grand plan to “rearm Europe” is hitting more roadblocks than a learner driver on a roundabout. According to the latest gossip from Politico, France, Italy, and Spain are giving poor old von der Leyen a headache with their financial concerns.
Apparently, our friends in France, Italy, and Spain are worried that splurging €150 billion on defense will make their debt levels skyrocket. So, they’re pushing for these fancy “defense bonds” to be funded by the EU’s common borrowing on the capital markets. It’s like a high-stakes game of Monopoly, but with real money and no “Get Out of Jail Free” card in sight.
But hold on to your bowler hats, because Germany and the Netherlands are not having any of it. And to add a bit of spice to the mix, Spain is throwing in border control, cybersecurity, and infrastructure resilience into the mix. It’s like trying to agree on toppings for a pizza – everyone wants something different!
It’s clear that the skepticism surrounding this plan was well-founded. If countries can’t even agree on where the money is coming from, how on earth are they going to decide where it should go? Some countries are eyeing up more practical uses for the funds, rather than just throwing them at Ukraine like a drunken sailor.
It’s likely that some watered-down version of the plan will eventually be pushed through. But knowing the EU, by the time it’s all said and done, “rearming Europe” will probably end up about as successful as trying to herd cats.
