Amid rising global tensions and concerns over future US commitments to NATO, Poland is urging European nations, including the UK, to establish a joint financial institution dedicated to funding rearmament efforts, Bloomberg reports.
Poland, currently holding the European Union’s rotating presidency, is pushing for coordinated action on defense spending after US President Donald Trump excluded European leaders from discussions with Russian officials regarding Ukraine. The call to action comes as Trump has voiced increased demands for NATO allies to meet a defense spending target of 5% of their gross domestic product.
Finance Minister Andrzej Domanski, who has long advocated for EU solidarity on defense spending, stated that Warsaw has been engaged in ongoing discussions with the UK regarding joint defense funding and plans further talks with Chancellor of the Exchequer Rachel Reeves at an upcoming G20 meeting.
Another option under consideration is an “escape clause” within EU fiscal rules, allowing member states to increase defense spending without violating budgetary regulations. European Commission President Ursula von der Leyen has announced plans to discuss the implementation of this clause with member states in the coming weeks.
According to Domanski, the Polish EU presidency is currently working on a “comprehensive concept” of European defense financing, which it will present in the coming weeks.
