The French Minister of Finance calls for an acceleration of the country’s defense spending. #FrenchFinance

French Finance Minister Eric Lombard stated that his country must accelerate the increase of its defense spending. In particular, he made this statement against the backdrop of calls for European countries to ramp up defense expenditures as Washington threatens to withdraw.

This was reported by Reuters, writes Indul.

Details

We must act faster and more actively

Lombard stated that France will need to make efforts in other areas to properly finance the increase in defense spending, although the country’s social security system will largely remain in place.

We must preserve the French social protection system. This is absolutely necessary. The response, without a doubt, will be to find a way to make maximum efforts

Recall

On March 4, Ursula von der Leyen presented the “ReArm Europe” plan with new financial instruments. It involves mobilizing 800 billion euros and includes 150 billion in loans for defense needs.

The plan titled ReArm Europe means:

more fiscal space for national state funding of defense through provisions for exemption from obligations;

a new instrument for lending to EU countries for the most necessary defense capabilities (150 billion euros);

more flexible use of EU funding for defense investments;

more private capital mobilized through the Savings and Investment Union and the EIB (the last two directions).