The EU's Economic and Financial Affairs Council (ECOFIN) has allowed Bulgaria and 14 other EU countries to exceed their budget limits in order to boost defence spending. This will enable the countries to take on additional debt for defence purposes.
According to a press release by the EU Council quoted by the Bulgarian News Agency (BTA), this measure will facilitate the countries' transition to increased defence spending at a national level while ensuring debt sustainability.
The other countries granted a derogation alongside Bulgaria are Belgium, Croatia, the Czech Republic, Denmark, Estonia, Finland, Greece, Hungary, Latvia, Lithuania, Poland, Portugal, Slovakia and Slovenia. Germany has also applied for an exemption from the rules but still needs to submit a long-term budget plan to the European Commission for assessment.
Russia's war against Ukraine and the resulting threat to European security have prompted the EU to improve its defence capabilities. The pressure to rearm has made it difficult for many of the 27 member states to invest in defence while complying with the community's spending limits, whereby they are required to keep their deficits below 3% of GDP and their debt ratio below 60%.
The new measure allows member states to increase defence spending by 1.5% of GDP each year for four years, even if this exceeds the 3% limit set out in the Stability and Growth Pact.
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