During an interview with Euronews’ main morning program Europe Today, prominent EPP MEP Riho Terras expressed that EU member states should avoid issuing joint debt to fund their defence budgets.
«Each country should secure its own funds to boost defence expenditure independently, rather than pooling resources,» stated Estonian MEP Riho Terras (EPP) to Euronews’ Europe Today morning broadcast in Strasbourg, referring to the proposal of issuing collective EU debt.
The concept of common debt issuance has repeatedly surfaced in discussions among EU leaders and institutions and is strongly supported by French President Emmanuel Macron, who advocated for this mechanism to support defence and AI-related investments in an interview released Tuesday across several European newspapers.
«I am opposed to taking loans,» said MEP Terras, expressing that financing defence through borrowing is not the most efficient tool available to the EU.
This issue may come up for discussion during an informal EU leaders’ retreat on Thursday at the Alden Biesen castle in Belgium. Former Italian Prime Ministers Enrico Letta and Mario Draghi are expected to participate, with Draghi promoting the idea of the EU evolving into a «real federation».
Terras voiced skepticism towards Draghi’s proposal. «It seems unnecessary to debate it now, given that amending the Lisbon Treaty appears unlikely,» he pointed out, emphasizing that focus should remain on feasible actions for EU leaders. «We must increase investments in defence, individually by each member and collectively.»
On the subject of security, Terras maintained that Europe alone must manage its defence and avoid relying on reassurance from the US.
«The US administration believes it has contributed excessively and for too long to NATO funding. They perceive this as unjust and demand tangible commitments rather than promises. They often single out Spain for not meeting its obligations.»
Returning from a mission to the US, the Estonian MEP provided reassurance regarding Greenland, noting that the US Congress would not back any attempts to take control of the island, and affirmed continued American support for European allies.
«All meetings with congressmen and senators confirmed their ongoing commitment to NATO, but they insist Europe must increase its efforts,» Terras concluded.