Rasmussen: Europe must spend much more on defense

(Patria) - The scale of public and private spending increases needed for Europe's defense has been revealed in a report published today by former NATO Secretary General Anders Fogh Rasmussen.

In the document "Freedom is Not Free," a five-point plan released ahead of the annual Copenhagen Democracy Summit, Rasmussen estimates that European NATO allies must increase defense spending to 4% of GDP by 2028 to develop an effective deterrent against a militarized Russia - and to ensure they can act independently of the United States.

The majority of NATO countries currently spend around 2 percent on defense.

Rasmussen's report comes at a time when Western intelligence agencies are warning that Russia will be capable of attacking a NATO ally by the end of this decade.

The five points elaborated in Rasmussen's report are:

- Increase European defense investment to 4% of GDP by 2028.

- Mobilize private capital into the defense sector by changing ESG rules and setting defense investment targets for financial institutions.

- Strategically focus public funding on capabilities and military mass, while focusing private spending on developing Europe's technological edge.

- Create new public funds to attract private capital and help raise €350 billion in private defense investment over the next five years.

- Foster defense innovation in partnership with Ukraine, which has built the most innovative armed forces in history.

Speaking about his report, Anders Fogh Rasmussen said:

"Freedom is not free. It has a price - and if we do not pay the monetary price needed to deter Vladimir Putin today, we will pay the human price later. But last year, Russia spent more on defense than all of Europe combined. This is more than a disgrace; it is an emergency.

History tells us that hesitation and half-measures do not lead to peace - they lead to war and conflict. Europe must spend massively on defense, and we must make it clear to Putin that we will do what it takes to defend democracy," wrote the former NATO Secretary General.

Rasmussen's report will be considered at the eighth annual Copenhagen Democracy Summit, which will be held from May 13-14, and which will largely focus this year on defending democracy in Europe and around the world.

The summit will host over 600 participants from over 70 countries, and among the keynote speakers are EU High Representative Kaja Kallas, Prime Minister of Croatia Andrej Plenković, Head of the Office of the President of Ukraine Zelenskyy Andriy Yermak, former President of Taiwan Tsai Ing-wen, and former UK Prime Minister and Foreign Secretary David Cameron.