Joint European borrowing can fill Ukraine's €70 billion gap

The European Union is searching for an additional €70 billion to sustain Ukraine's war effort into 2027. Soaring borrowing costs and internal divisions over utilizing frozen Russian assets have left Brussels with few easy financial choices. At the same time, Ukrainian President Volodymyr Zelensky has criticised Washington over delayed shipments of interceptor missiles, highlighting the risks of relying on external partners for core security needs.

Sceptics of common European debt argue that individual capitals should manage their own budgets without taking on collective liabilities. That caution is understandable given the varied fiscal pressures across member states and national sensitivities over sovereign spending.

Yet funding defence through 27 separate budgets leaves European countries paying higher individual borrowing rates for what is fundamentally a shared security threat. Pooling financial weight through joint debt issuance would lower financing costs, guarantee predictable funding for Kyiv, and reduce vulnerability to foreign supply bottlenecks. Europe can protect its own interests far more effectively when it acts as a single credit market.

Drafted with AI, edited by the editor.