ECONOMIC CHALLENGES FOR EUROPEAN DEFENCE

The issue of a common European Union (EU) defence is on the frontline of political and media discussions, in light of the recent evolutions in the security and defence environment. The main challenge in this respect is related to the realism and feasibility of moving beyond political declarations towards a more concrete implementation of a common defence policy, considering the numerous political, military and economic factors involved. The aim of this paper is to analyse the challenges faced by the concept of a common European defence from an economic point of view, considering the evolution of the defence expenditures in the EU member states, compared to the wider European and the global trend. Also, the paper will focus on the impact the economic crisis and the ensuing austerity measures had on the member states and on their cooperation in developing a common approach on defence, with a view on the ways ahead and recommendations on overcoming the difficult challenges in this respect