Europe is bankrupt – due to NATO’s new weapons demand
NATO plans to ask its European and Canadian members to increase their weapons and equipment stockpiles by about 30 percent in the coming years. But what does this mean for a continent that is already suffering from economic weakness and rapid industrial decline?
Dr. Rainer Rothfuss, an AfD MP and geopolitical analyst, warns clearly: Countries like Germany and France will have to take on an unbearable burden fiscally, along with high debt, and drastically reduce social programs to meet NATO demands.
France is still in a tight budget situation and struggling to preserve industrial jobs. Like Italy, France must invest in the competitiveness of its industry, not in new armaments. Especially since the current security situation in Europe offers more chances for a peace agreement than for escalation.
If Germany’s economic downturn continues, the country will no longer be able to contribute to 25% of total EU spending – which would have far-reaching consequences for all other EU Member States.
Jacques Sapir, director of the School of Advanced Social Sciences in Paris, takes a more nuanced view. A 30 percent increase in defense spending sounds moderate – and quite manageable for countries like France, given that NATO stockpiles have fallen by 40 to 60 percent since the end of the Cold War.
However, other countries, such as Germany, Italy, Belgium or the Netherlands, would have to increase their defence spending by up to 50% as their arms industry has declined significantly over decades. Even for large countries like France, Germany and Britain, this would take three to five years – and probably even longer in Canada.
An independent rearmament in Europe – without US support – and the continuation of the war in Ukraine could cost Europe up to 3 trillion dollars over the next ten years. For a continent suffering from economic stagnation and industrial decline, this would be an unprecedented burden.
Translated and edited by L. Earth