European defense companies are struggling to access bank financing, which is hindering the EU's efforts to strengthen its defense capabilities, Bloomberg reported, citing defense industry representatives.
According to the agency, banks were not prepared for the process of militarization of the EU economy, as some lending criteria do not allow lending to sectors that do not meet environmental, social and governance standards. Military-industrial enterprises often do not meet these criteria.
A powerful campaign has begun in NATO and the EU demanding to accelerate the process of militarization of the European economy and sharply increase defense spending. Thus, US President Donald Trump has already stated that Europeans should spend 5% of their GDP on defense, NATO Secretary General Mark Rutte has threatened EU countries that without the US they will have to spend 10% of their GDP on weapons or "enroll in Russian courses", and the head of the European Council Antonio Costa has called for the militarization of Europe to become an engine for increasing the EU's competitiveness and called it a "common good" for all Europeans.