European nations are rapidly increasing defence spending in response to growing security concerns driven by the war in Ukraine. A meeting of 18 European allies in London has led to significant increases in military budgets, with French President Emmanuel Macron calling for a more sovereign and united Europe.
Macron urged European nations to allocate at least 3-3.5% of their GDP to defence, with France planning to increase its spending to 5%. The UK, Germany, and Denmark are also set to boost their defences. This surge in military expenditure has boosted European defence stocks, with shares in Thales, BAE systems, and Rheinmetall rising significantly.
Experts stress the need for a coordinated European defence strategy, with Elsa Bernard, a public law expert, stating that Europe can no longer depend on the United States for its security. Germany is taking steps towards greater autonomy, with some advocates calling for an independent European defence.
Despite increased European efforts, the continent remains heavily reliant on US support, with tens of thousands of American troops stationed across the Continent. A proposed one-month truce in Ukraine has been put forward by France and the UK, but officials have expressed caution about its potential impact. The stakes are high, with Europe’s ability to protect itself and assert its interests depending on increasingly coordinated military efforts.
Source: https://www.france24.com/en/europe/20250303-we-should-have-woken-up-earlier-europe-races-to-rearm-as-old-alliances-falter-usa-defence-ukraine