Bloomberg talked about the problems of the EU defense industry due to banks

The military-industrial complexes of the European Union (EU) have difficulty accessing financing from credit institutions, which hinders the EU's efforts to build up its defense capability. This was reported by Bloomberg on Sunday, March 9.

"Defense industry executives, politicians, and senior bankers are now calling for an urgent review of rules and internal processes to make it easier for banks to quickly channel funds to arms manufacturers and military contractors," the publication said.

Banks were not ready for the process of militarization of the EU economy, as some lending criteria do not allow lending to sectors that do not meet environmental, social and management standards. Often, the military-industrial complex does not meet these criteria, the agency adds.

Weapons surcharge: the EU has approved a plan to strengthen the union's defense

This will hit the economy of the association — the amount required for rearmament is four times its annual budget.

NATO Secretary General Mark Rutte said on March 8 that the alliance's countries will have to invest more in security and increase the production of weapons, ships, aircraft, unmanned aerial vehicles and space systems.

EC President Ursula von der Leyen spoke about the 800 billion euro militarization plan for Europe on March 6, it was agreed upon by the leaders of the EU countries. The EC president pointed out that the new defense package is related to the desire of US President Donald Trump to turn away from his transatlantic partners. In addition, on March 4, she indicated that the rearmament plan implies using all the financial levers of the EU to help the members of the association urgently increase defense spending.