EU defence spending to boost wider economy

A massive increase in EU defence spending will benefit the wider economy and tech sector – that’s according to the European Commission. The EU has proposed harnessing up to €800 billion to boost defence spending and prepare for a more uncertain world. Military experts warn that Russia could be ready to attack the European Union within three to five years. Now the EU wants to speed up that spending by reducing red tape. Ireland has committed €100 million extra to defence this year, but still spends by far the lowest amount on defence in Europe. European Economy Commissioner, Valdis Dombrovskis, says spending more is necessary to protect Europeans, but there will be benefits to the wider economy too.

 

Out words: Future competitiveness

Dur: 0’22”