Finnish PM-Europe Must Take Care Of Own Defence

In an address to the European Parliament Finnish Prime Minister Petteri Orpo has delivered a call for greater defence spending across Europe amid concerns about future US commitment to defending NATO allies under Article 5, especially if Donald Trump wins re-election in November. European NATO members are likely to see increasing pressure on state budgets and spurring new debt issuance (see 0858GMT bullet) given these concerns.

• On EU security: "We must take care of our own defence. [...] We are living in a time where practically all policy fields are linked to our security, and without security, we cannot ensure a prosperous future for Europe."
• On Russian hybrid attacks: "Russia has weaponised migration to put pressure on Finland and the entire EU...A hybrid attack on our border is a hybrid attack against the whole of Europe."
• On Russian threat: "Russia is evidently preparing for a long conflict with the west, and represents a permanent and existential military threat to Europe...It is crucial to recognise that Russia’s military capabilities are limited, despite its attempts to hide this fact. Russia is not invincible. "
• On EU-US relations: "More Europe doesn’t and shouldn’t mean less America. The United States is and will be our most important ally, and we must strenghten our transatlantic links in both defense and trade."
• Orpo also raised questions about EU state aid, criticising countries with "deeper pockets" for allowing "financial muscle" to "overshadow market dynamics".