Foreign Minister Radosław Sikorski conveyed in Brussels that one potential avenue for the European Union to finance collaborative defence initiatives is establishing a dedicated bank for rearmament. “This is certainly a proposal worth considering,” he remarked.
Minister Sikorski noted that in peacetime, the EU benefits from the European Bank for Reconstruction and Development; however, its mandate does not extend to supporting defence efforts. “In light of the current geopolitical landscape, particularly the challenges posed by Russia, it is imperative for the EU to have a similar institution specifically designed to address today’s pressing issues, including the revitalisation of the European defence industry,” he stated. He emphasised that creating a bank for rearmament deserves thoughtful consideration.
This proposed institution would function like the European Investment Bank, with a specialised focus on defence investments. In his discussions with journalists in Brussels on Thursday, Sikorski highlighted the necessity for the EU to bolster its defence capabilities, viewing this as an essential security measure. He acknowledged, however, that defence expenditures are substantial and that adequate financial resources must be secured.
Potential funding sources for European rearmament could include increased contributions from member states, reallocating existing funds—such as those from cohesion policy—toward strengthening community defence, utilising unallocated resources from the Covid-19 recovery fund, or considering joint debt solutions at the EU level. He cautioned that without activating at least one of these funding avenues, the EU may face significant challenges.
Moreover, he reflected on the EU’s longstanding discussions regarding joint defence, which began in the 1990s when the organisation faced difficulties responding to the conflict in the Balkans. “It was during that time that we gratefully received assistance from the United States,” he noted.
