June 27, 2024 10:29 GMT
MNI BRIEF: EU Faces EUR900 Bln Shortfall For Defence, Green Transition
(MNI) ROME
The European Union will need EUR900 billion more in public funds than currently allocated for its green and digital transitions and to boost defence spending, a blog published by the European Central Bank said on Thursday.
The authors estimate that EUR5.4 trillion in investment will be required in this period, mainly coming from private capital. Public investment needs total EUR1.3 trillion, with just under EUR400 billion available from existing EU resources.
The public funding gap is seen between 0.6% and 1% of EU GDP per year, the authors said, calling for efforts to be coordinated throughout the blog, and whose views do not necessarily represent those of the ECB.
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