Welcome to the Brussels Edition, Bloomberg’s daily briefing on what matters most in the heart of the European Union.
EU leaders are gathering at the Egmont Palace in Brussels today for an informal retreat dedicated to the future of defense, where they will be joined by NATO’s Mark Rutte and the UK’s Keir Starmer. The aim is to speak freely and prepare to take some tough decisions. With the war in Ukraine approaching the three-year mark, the bloc needs to find the money and the political will to ramp up its weapons production and strengthen its defense. Starmer will urge his European counterparts to shoulder more of the burden of defending the continent against increased threats from Moscow, according to his office. The common understanding in the EU is that fresh money is needed to bridge the gap before the next budget starts in 2028. Where the funds will come from is a still to be determined and all options are on the table, ranging from joint debt to a greater involvement from the EIB.
