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Good morning. Today, EU foreign ministers will discuss how to respond to Turkey’s request for renewed momentum in its bid to become an EU member. A document prepared for the discussion proposes “constructive engagement” instead of addressing the question of membership.
The ministers will also debate a proposal to significantly increase the EU’s funding for weapons in Ukraine. I will explain why this is a controversial topic. Additionally, our correspondent in Athens provides an update on the massive forest fires in Greece caused by exceptionally high summer temperatures.
Financial Warfare
In an effort to avoid constant battles over €500 million increments to the fund for weapons in Ukraine, the EU’s chief diplomat, Josep Borrell, has come up with a plan: one large increment and one big battle.
Background: The European Peace Facility is financed by EU member states to support military projects. In response to Russia’s invasion of Ukraine, Brussels made the unprecedented decision to utilize this fund for weapons in Kyiv. As a result, the fund quickly became depleted, leading to repeated increases to ensure its solvency.
Enter Josep Borrell. The EU’s top diplomat has proposed a dedicated fund for Ukraine worth €5 billion per year for four years, to cover the cost of weapons, troop training, and any other requirements that arise during the ongoing war.
Supporters argue that the EU has made long-term security commitments to Ukraine and needs to back them up with action. “We are talking about allocating a substantial budget… to guarantee our significant commitments in the long term,” stated a senior EU official. “It is the opportune moment to make military support more predictable.” Foreign ministers will have their first discussion on this proposal today, with the goal of shaping it before it reaches EU leaders in October.
However, the idea, first reported by Politico, has not been universally welcomed, despite the strong desire to continue supporting Kyiv. The timing is extremely awkward. State budgets throughout the EU are under immense strain due to factors such as high inflation, high interest rates, and unforeseen costs like the war. This strain is also evident at the EU level as member states negotiate how much to increase the internal budget (which is separate from the fund for weapons). But ultimately, each euro comes from the same pockets, controlled by the same 27 finance ministers. And few have much spare change.
Add to this the Hungary factor. Can a country that has consistently prolonged debates over pledging an extra €500 million for weapons to fight Russia, and is currently blocking the latest attempt to do so, agree to a €20 billion increase?
“Look, it is not our proposal,” diplomatically stated one member state diplomat.
Chart of the Day: Slow Progress
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In Germany’s coal mining region of Lausitz, the public used to have disdain for climate activists. However, with climate targets nearing expiration, coal giant Leag has pledged to transform into a renewable energy powerhouse.
It’s Getting Hot in Here
Wildfires continue to rage for the fourth consecutive day west of Athens, destroying properties and forcing many residents to evacuate their homes. Starting today, temperatures are projected to reach up to 43 degrees Celsius and could persist for several days.
Context: Greece is bracing itself for a second heatwave just as it recovers from the first of the summer. Temperatures have been hovering near record highs in other parts of the Mediterranean, which scientists say is a consequence of climate change.
Greece activated the EU’s civil protection mechanism shortly after the fires started on Monday. Today, firefighting teams from Poland, Romania, Slovakia, Italy, France, and Israel are expected to join the effort.
Another heatwave could exacerbate the wildfires, according to scientists. Greek climate envoy Christos Zerefos stated, “Heatwaves are usually linked to forest fires, particularly if the previous season was dry.” Zerefos, who also heads the research center for atmospheric physics and climatology at the Academy of Athens, added that this winter saw significantly less rainfall and snowfall than usual, making the situation even more dangerous for wildfires. His research also indicates that large parts of Greece will undergo desertification in the coming decades.
“Unfortunately, all models used at the Academy of Athens come to the same conclusion,” Zerefos warned. “If we do not adhere to the suggestions of the Paris agreement, from 2050 onwards, there will be a point of no return, and we will experience a heatwave every week.”
What to Watch Today:
– EU foreign affairs ministers meet in Brussels.
– EU justice and interior ministers meet in Logroño, Spain.
– Turkey’s central bank expected to announce its next interest rate move.
Now Read These:
– Britain after Brexit: Stay up to date with the latest developments as the UK economy adjusts to life outside the EU.
– Trade Secrets: A must-read newsletter on the evolving landscape of international trade and globalization.
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