The European Commission’s new financial instrument, the Security Action for Europe (SAFE), has been presented as a flagship initiative to address Europe’s urgent defence needs. With €150 billion in loan capacity, SAFE aims to facilitate joint procurement and scale up Europe’s fragmented defence industrial base. However, recent analysis, including from Bruegel fellow Lucio Pench, highlights … Continue reading SAFE Alone Will Not Rearm Europe: Structural Weaknesses Undermine EU Defence Finance Plan