Europe should increase the financing of defense spending due to the threat of the spread of war, Borrell said

 EU's top diplomat Borrell has warned that Europe must start preparing financially for a wider war on the continent

At the economic forum in Brussels on April 9, the high representative of the EU, Josep Borrell, in his speech indicated the threat from Russia due to the war in Ukraine and hybrid attacks on EU countries, Chroniclers reports with reference to Euractiv.

"War is undoubtedly looming around us, and a conventional high-intensity war in Europe is no longer a fantasy," he said.

Borrell clarified that the war will not start tomorrow, but Europe cannot deny the reality.

Despite the Europeans reversing defense spending cuts following Russia's invasion of Ukraine in 2022 and rearming domestic military forces through the supply of old equipment to Ukraine, growth in defense investment funding is still slow.

"We need a new intergovernmental financing mechanism comparable to the one we created during the financial crisis," Borrell added.

Some EU leaders, led by Estonia, have proposed increasing the common debt through defense bonds; others proposed using frozen Russian assets in Europe.

In his speech, Borrell also reminded of the possible return to the White House of Donald Trump, who threatened to abandon the protection of NATO allies.