Far too many times in recent history, the European Union has pledged to get serious, only to defer the process to some future date. When announcements come out, as with the Juncker investment fund a decade ago or the EU’s post-Covid recovery plan, there tends to be a flashy headline figure. But a closer look usually reveals that the numbers are underwhelming.
So it will likely prove for the defence package announced by European Commission President Ursula von der Leyen this week. There are two key elements to the plan. One involves using Commission powers to issue €150 billion in new loans for defence spending via joint procurement, using the “exceptional circumstances justification” to bypass both the European Parliament and unanimous approval from the EU Council.
