UK, Poland and Northern Europe want to create joint defense fund

By Alimat Aliyeva

The authorities of the United Kingdom, Poland, and several Nordic countries are in talks about creating a joint fund to finance defense needs, Azernews reports.

This was reported to the European edition of Politico by two European diplomats and an official. According to them, the main objective is to collectively purchase weapons at a lower cost and create opportunities for securing favorable loans for defense spending.

European diplomats confirmed that last week, British officials discussed this idea with representatives of the financial authorities from Sweden, Finland, Denmark, the Netherlands, and Poland. The discussions are expected to continue during the upcoming meeting of EU finance ministers in Warsaw next week.

Politico reports that the initiative may be open to European countries with low public debt and a willingness to allocate significant amounts of money toward military spending. This, however, excludes most Southern European countries, including France, Italy, and Spain.

The proposal to create a joint defense fund comes at a time when Europe is increasingly focused on strengthening its military capabilities, particularly in light of rising security threats and the ongoing war in Ukraine. By pooling resources and collaborating on defense procurement, the countries involved aim to enhance their collective military readiness while benefiting from economies of scale, potentially lowering the cost of advanced weaponry.

This initiative could be seen as a step toward greater European defense integration, complementing existing structures such as the European Defence Fund (EDF) and NATO. It also reflects a broader push for European countries to assume more responsibility for their own defense, reducing reliance on external powers, particularly the United States.

The focus on countries with low public debt highlights the financial constraints faced by many European nations, especially those in the southern part of the continent, which are dealing with economic challenges. However, this raises the question of how such a fund might be perceived by European nations with higher levels of debt or those more reliant on social spending.

Ultimately, the success of this initiative will depend on the ability to build consensus among European countries on defense priorities and the sharing of resources. If successful, it could pave the way for a more unified and self-sufficient European defense policy.