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ECB's Rehn: Joint defence spending could boost euro's global role
Published in Amwal Al Ghad on 12 - 06 - 2025

Europe should pool its defence investments to cut costs, accelerate deployment, and create a safe financial asset that would strengthen the international role of the euro, European Central Bank policymaker Olli Rehn said on Wednesday according to Reuters.
Speaking to Reuters, Rehn — who also serves as Finland's central bank governor — argued that joint defence borrowing could serve a dual purpose: enhancing military capabilities and creating a large, liquid safe asset essential for a robust financial system.
"Defence is also an opportunity for creating another safe asset that could bolster Europe's financial architecture," he said, adding that if defence is viewed as a public good, it requires collective solutions. He suggested the creation of a European defence development bank to keep such assets off national balance sheets.
His comments align with ECB President Christine Lagarde's view that inconsistent US economic policy opens space for the euro to gain ground globally, provided Europe moves forward with its long-stalled financial integration.
Rehn pointed to Germany's significant increase in defence and infrastructure spending as a pivotal step and called for the EU to finalise its savings and investment union by 1 January 2028.
While the ECB has recently achieved its price stability goal, Rehn cautioned that the risk of inflation remaining below the 2 per cent target is rising due to global disinflationary factors, including energy prices, exchange rates, and tariffs.
Attribution: Reuters
Subediting: M. S. Salama


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