Increased threats from hostile actors, such as Russian aggression
in Ukraine, are causing global instability and disrupting the
rules-based international order.
Challenging times for global security call for creative
solutions. A core group of NATO allies - Finland, the
Netherlands, and the UK, together with other partners - today
announce that they are exploring setting up a new mechanism by
2027 for financing with the aim to aggregate demand,
drive joint procurement, accelerate defence investment, and
increase the availability of critical capabilities such as
munitions as they step up shared defence and security
commitments.
Working with partners and existing international institutions,
and complementing NATO and EU initiatives, the
mechanism should strive to strengthen collective
deterrence, expand defence industrial capacity, and increase
defence capability through joint procurement.
UK Chancellor of the Exchequer, , said:
Now, more than ever, we must deepen cooperation with our allies.
It's in our long-term interests to strengthen our defence
industries, make it easier for our armed forces to work together,
and make sure taxpayers get value for money.
This government will always do what is in the UK's national
interest: working with our allies to ensure security and economic
stability is at the heart of that. I look forward to developing
this proposal further with our partners.
Finance Minister of the Netherlands, Eelco Heinen,
said:
The mechanism offers a new way of defence cooperation with
European partners, and is open to like-minded Western partners,
both inside and outside the EU.
By joining forces, we get more security with the same resources
and we strengthen our alliances as well.
Finnish Minister of Defence, Antti Häkkänen,
said:
For Finland, it is important to take part in exploring the
possibilities of the mechanism, together with our allies.
Participation from the beginning gives us the opportunity to
influence what such a mechanism could look like.
