Part 9/10:
Russia has prompted NATO members to essentially abandon the post-Cold War "peace dividend" view, arguing for greater military spending at the expense of social security. Yet, many European governments have grappled with cutting social benefits in recent years. One proposed solution is the establishment of a joint borrowing mechanism for military spending among EU NATO members, akin to the EU's jointly backed bond issuance seen during the pandemic. This idea has received backing from French President Emmanuel Macron and Estonia’s foreign minister.
However, the notion of shared debt is contentious, particularly among fiscally conservative nations such as the Netherlands and Germany, where leaders have expressed reluctance to engage in debt-sharing agreements.