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The Minister of Foreign Affairs Radosław Sikorski said in Brussels that one of the ideas for the European Union to finance joint defense projects is to create a bank for rearmament. “It’s worth considering” – assessed the head of the Polish Ministry of Foreign Affairs.
Sikorski recalled that in peacetime the EU has the European Bank for Reconstruction and Development, but this bank does not have defense support in its mission.
“Now in the face of the war threat from Russia, the Union needs something similar, but tailored to today’s challenges, including for the needs of rebuilding the defense industry and defense in Europe” – said the minister, stating that a new initiative to establish a bank for rearmament is worth considering. It would operate like the European Investment Bank but specialize in defense investments.
Sikorski, who met with journalists in Brussels on Thursday, emphasized that the EU must strengthen its defense capabilities because that is its “insurance card.” However, he added that as a former Minister of Defense, he is aware that defense is extremely expensive and requires spending real money.
This money may come from various sources, including increased contributions from member states, redirecting current funds, e.g., from cohesion policy, to strengthen the Community’s defense, using funds that have not been allocated, e.g., from the post-Covid-19 recovery fund, or from joint debt contracted by the EU. The aforementioned bank is also a new idea.
“I like this proposal” – said Sikorski, adding that if the EU does not activate at least one of these sources, it may find itself in a difficult situation.
The minister also reminded that the Union has been talking about common defense since the 1990s when it proved helpless in the face of the war in the Balkans. “At that time the United States had to offer us help” – said Sikorski. (02/06/2025)