On Saturday 7 September, the study "Peace through security: the strategic role of digital technologies", carried out by THEA Group (The European House Ambrosetti), in collaboration with Leonardo, was presented at the 50 th Cernobbio Forum. At the event, Stefano Pontecorvo, Chairman of Leonardo, addressed the issue of investments in Defence and Security, necessary for all NATO countries, and the savings required by European rules on budgets.
“The size of the necessary investments is such that no country can do it alone. Defence becomes a collective effort and an obligatory expense.” Starting from this reflection, Pontecorvo highlights how Europe’s Defence is evolving towards a real, effective system, but today held back by European rules on the budget deficit. And, on the other hand, NATO is asking for a political commitment to military spending at 2% of GDP, which could increase in the future. These conditions must be taken into account at a European level, to enable the continent to sustain this change of pace.
Stefano Pontecorvo illustrates what interventions, in his opinion, could be implemented. A total exemption from deficit rules when it comes to military spending and the issuance of a Eurobond for Europe’s Defence and Security to support the investments that will be necessary. After all – concludes Pontecorvo – the Eurobond would fully fit into the EU’s view of pursuing the most important objectives with common European resources.
