The head of European foreign policy, Josep Borrell, has called for the creation of a European Union (EU) finance mechanism for security and defence. "War is on the horizon. It is not going to start tomorrow, but we cannot deny reality."
Borrell cautioned about a change of leadership at the White House following the US presidential election in November. He believes the 'American umbrella' that has shielded Europe since the Cold War will not be extended indefinitely.
"We need to develop our own ability to act and defend ourselves," he stated at a gathering of diplomats and industry representatives in Brussels.
The increasing rivalries amongst great powers, high-intensity conflicts between states, the militarisation of economic dependencies, cyberwarfare, and disinformation are all part of the European reality, Borrell stressed.
Although The North Atlantic Treaty Organisation (NATO), will always be "absolutely irreplaceable," a "European pillar" within the alliance needs to be established.
'War in Ukraine has revealed the world as it truly is'
This would involve the creation of an intergovernmental financial instrument akin to the mechanism established during the financial and monetary crisis of 2008-2010. This existential threat requires it, according to Borrell.
"The war in Ukraine has revealed the world as it truly is, not as we wanted it to be (…) The possibility of a high-intensity conventional war in Europe is no longer a fantasy. We must do everything to prevent it."
Borrell noted that "the Russian military machine is running at full capacity," pointing out the complete asymmetry between Russia and Ukraine.
The European foreign policy chief regretted that Ukraine’s western allies are reluctant to provide them with anti-aircraft defence systems to counter Russian missiles which they urgently need. He views it as "inconceivable" that the West, possessing 100 batteries of the required Patriot missiles, cannot provide them.
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"We also need to discuss our industrial capacity to produce more ammunition," Borrell additionally emphasised.
The European Commission released its first defence industry strategy in early March. It urged member states to dedicate half of their defence procurement budget to intra-European purchases by 2030. Currently, eight out of ten arms purchases are made outside European borders, Borrell highlighted. And 80% of these purchases come from the United States. "We cannot afford this dependence," he warned.
Borrell sees the EU entering a new phase of its construction, namely the creation of a defence-focused Europe. He predicts competition between European institutions during the next legislative session over this issue. The European Commission will advocate for granting more powers to the EU, while the member states will resist surrendering their sovereignty, he predicts.
