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Higher EU defence spending will need supportive fiscal rules, new EU tools -Gentiloni – Metro US

Higher EU defence spending will need supportive fiscal rules, new EU tools -Gentiloni

FILE PHOTO: European Commission’s Dombrovskis and Gentiloni hold news conference
FILE PHOTO: European Commission’s Dombrovskis and Gentiloni hold news conference on fiscal guidance for 2023, in Brussels

BRUSSELS (Reuters) – The European Union’s higher investment in defence as a result of Russia’s invasion of Ukraine will need to be reflected in EU’s fiscal rules and possibly require funds at EU level, European Economic Commissioner Paolo Gentiloni said on Tuesday.

Speaking at a seminar organised by Oxford University, Gentiloni said the new investment was crucial to boost the autonomy of the 27-nation bloc’s strategic sectors.

“Boosting our defence capabilities will require significant investments in our industrial and technological base,” he said.

“Financing them will require a more supportive framework of fiscal rules and potentially new tools at the European level,” Gentiloni said.

(Reporting by Jan Strupczewski)

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