The presidents and prime ministers of the EU member countries have committed to starting the purchase of military armament. To begin the "implementation of the actions identified in their conclusions of March 6, 2025, in the field of capabilities with urgency." And if we refer to that text from two weeks ago, the list is very clear: missiles, artillery, drones, air defense, or precision attack systems.
This is stated in the conclusions of the European Council meeting, it is what is being discussed in Brussels, and it is what Europe wants to advance in the face of the threat from Vladimir Putin. A reality that starkly contrasts with Spain's concern about changing the name of the EU's major Defense plan.
To avoid including the term "rearmament," as explained by the Prime Minister, Pedro Sánchez, who has found an unexpected ally in this fight in the Italian Prime Minister, Giorgia Meloni. The Italian radical right and the Spanish Socialist Party united by a term that generates discomfort in their respective governments, losing sight of what is truly important: European security against a possible Russian attack on a NATO country before 2030, as warned by the Commission itself just yesterday.
"It is what it is," point out sources from Ursula von der Leyen's Executive when asked about Spain and Italy's reservations. They are aware, they continue, that the terms and words used stir "sensitivities," but the plan's objective is very clear: to rearm Europe. Sánchez's demand has had very little impact. Or none, even.
The document that the 27 have agreed on in the Defense field also states that "work on relevant financing options should continue," a statement that leads to many interpretations depending on who is asked. Spain indicates that this refers to possible Eurobonds as non-repayable funds, similar transfers to those contemplated in the Recovery Plan. Northern countries, on the other hand, point out that this point is not in question. And the European Commission does not completely rule out any possibility, but maintains that, for now, the up to 800 billion euros between fiscal space and loans contemplated in the Defense white paper is a very important starting point.
This document, the white paper presented by Brussels yesterday, has been the basis for all these discussions and conclusions on military spending, including a more institutional paragraph. "The European Council recalls that a stronger and more capable European Union in the field of security and defense will positively contribute to global and transatlantic security and is complementary to NATO, which remains, for its member states, the foundation of their collective defense," the text points out.
Closely linked to the military aspect, leaders have also agreed that the substantial investment to be made in this area should be a source of innovation and economic growth for Europe. This is already reflected in the Draghi report, which the European Commission has also pointed out on numerous occasions and which the Council endorses. "The need to invest in our Defense and our competitiveness are closely linked," they point out.
From here, leaders have moved on to the Savings and Investment Union, an initiative also presented by the Commission yesterday and discussed today in the Council. This tool still has a long way to go, but its aim is to encourage European savers to allocate their money to productive investments.
Currently, European citizens have 70% of their savings in bank deposits, amounting to a staggering figure of 10 trillion euros. Properly channeled, this amount can be of great help to companies in terms of financing, which is another major issue in the EU economy. At this point, leaders propose offering more retail savings and investment products and improving pan-European pension plans.
Ukraine has also been a key point in Thursday's presidents' meeting. As happened in the extraordinary meeting two weeks ago, the agreements reached on this issue have not had the support of Hungary. It is now considered normal for this issue to be agreed upon by 26 countries instead of the 27 that make up the EU.
"The European Council reaffirms its constant and unwavering support for the independence, sovereignty, and territorial integrity of Ukraine within its internationally recognized borders. The European Union maintains its approach of 'peace through strength,' which requires that Ukraine be in the strongest possible position, with its own solid military and defense capabilities as an essential component," states the text, completely ignoring Hungary's position.
Ukrainian President Volodymyr Zelensky, who intervened in the summit via video conference, has urged leaders to maintain pressure on Russia. "Despite Putin's words about supposedly being ready to stop the attacks, nothing has changed," Zelensky pointed out, adding that sanctions against the Kremlin are "very necessary."