EU grapples with transitioning its economy to a ‘war footing’
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European Council President Charles Michel has called for the European Union's economy be put on a "war footing." This issue will be discussed at the EU leaders’ summit on March 21-22, according to the corresponding invitation letter published on March 19.
Michel argued that Europe faces a “pivotal moment” and must act immediately with "unwavering determination."
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“Our foremost task is the swift provision of military aid to Ukraine and, building on recent initiatives like that of Czechia, the fast-track procurement and delivery of ammunition to Ukraine,” the letter reads.
According to Michel, the EU should continue implementing economic sanctions against Russia and develop mechanisms to use profits from frozen Russian assets to aid Ukraine.
Read also: Why Western sanctions don’t affect Russia’s appetite for war
“For decades, Europe has not invested enough in its security and defense,” the official said.
“Now that we are facing the biggest security threat since the Second World War, it is high time we take radical and concrete steps to be defense-ready and put the EU’s economy on a ‘war footing.”
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The primary pillar of the outlined policy would be increasing defense expenditures across EU member states.
Michel also said the European defense industry should have access to private and public funds, with reduced regulatory pressure and barriers.
At the same time, he spoke of the importance of preventing escalations of conflicts in the Middle East, which will also be discussed at the summit.
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