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

BRUSSELS (Reuters) – The European Union’s larger funding in defence on account of Russia’s invasion of Ukraine will should be mirrored in EU’s fiscal guidelines and probably require funds at EU stage, European Financial Commissioner Paolo Gentiloni stated on Tuesday.

Talking at a seminar organised by Oxford College, Gentiloni stated the brand new funding was essential to spice up the autonomy of the 27-nation bloc’s strategic sectors.

“Boosting our defence capabilities would require vital investments in our industrial and technological base,” he stated.

“Financing them would require a extra supportive framework of fiscal guidelines and doubtlessly new instruments on the European stage,” Gentiloni stated.

(Reporting by Jan Strupczewski)