Bundesbank Chief Says Joint EU Defense Budget Would Make Sense

Bundesbank President Joachim Nagel has proposed the idea of a joint defense budget for the European Union, financed through common debt. Nagel believes that such a budget would make sense, as it could enhance the EU's military capabilities and bolster its strategic autonomy. The proposal comes at a time when the EU is facing security challenges, particularly in light of the ongoing conflict in Ukraine. Nagel's suggestion reflects a growing recognition among European policymakers that the bloc needs to strengthen its defense and security infrastructure to better respond to emerging threats. While the idea of a joint defense budget is not new, Nagel's comments add weight to the discussion, as the Bundesbank is Germany's central bank and a key player in the eurozone's economic and financial affairs. The proposal is likely to be debated among EU member states, as it would require significant political and financial coordination to implement.