Europe Vows to Rearm

“Russian expansionism and US plans to dial down involvement in NATO are forcing European nations to rebuild military capabilities that have atrophied since the Cold War,” Bloomberg reports.

“The European Commission has doled out €150 billion ($171 billion) in cheap loans to encourage joint military procurement and relaxed fiscal rules so that governments can spend more on defense. Germany has embarked on a weapons shopping and production spree worth hundreds of billions of dollars, and most European NATO members are striving to raise defense spending to 3.5% of their economic output from as little as 1% previously.”

“There’s much to be done. There are gaping holes in the region’s air defenses, hollowed-out national armies lack equipment and personnel to fight a major ground war, and they remain heavily reliant on the US for air power, intelligence, logistics and leadership.”

CNBC: NATO 3.0 defense spending pledges face the Trump test.