EU ministers discuss joint defense fund to ease debt concerns

European Union finance ministers initiated discussions on the European Defence Mechanism, a proposed joint defense fund aimed at purchasing and owning military equipment while alleviating financial burdens on member states' national budgets. The fund, suggested by the Bruegel think tank, seeks to address the challenges faced by highly indebted countries in financing expensive military procurements, especially amid growing security concerns stemming from Russia. Initial support was voiced by several EU nations, although some ministers emphasized the importance of exploring existing financial instruments before establishing new ones. The fund could potentially include non-EU countries like the UK and Norway and would allow the debt incurred for military purchases to be kept off national books. The initiative is part of a broader strategy to boost military spending by 800 billion euros over the next four years while recognizing the need for enhanced European defense capabilities independent of the U.S. The discussions reflect a significant shift in how Europe approaches collective security and defense financing in response to evolving geopolitical threats.