(VOVWORLD) - In 2017, Europe made efforts to strengthen internal unity following the UK’s decision to leave the EU. The EU has created a foundation to restore its economy and strengthened its military force by launching the Permanent Structured Cooperation on Security and Defense known as PESCO.
This year Europe faced disagreements over migrant allocation, lone-wolf terrorism, and Brexit negotiations – but was able to make progress in dealing with these difficulties.
Defense capacity strengthened
Due to Brexit, the EU re-activated a project to form a common army. At the year-end summit, leaders of 25 EU countries excluding Denmark, the UK, and Malta, unveiled the Permanent Structured Cooperation, called PESCO. The historic deal to unify the European military force, is expected to make the EU the world’s leading security and military entity on a par with its economic and political role.
The EU will have a shared defense budget of 5 billion euros to buy weapons and other budgets for military and research activities to contribute to the shared budget, each member country will have to increase its own military budget. PESCO will set up a command center, logistic hubs, a disaster response center and shared military training programs.
It will take time for PESCO to demonstrate its effectiveness but the design of the cooperation mechanism shows the EU’s self-reliance amidst criticism of the EU’s dependence on the US for security protection.
EU’s unity strengthened
The EU celebrated its 60th anniversary in 2017. Following the UK’s decision to leave, 27 EU leaders signed the Rome Declaration affirming their commitment to a shared future without the UK. They promised to work together to promote the EU’s strength, resilience, unity, and respect for common principles.
The European Commission has released a White Paper on the future of Europe which presents 5 scenarios for how the EU could evolve by 2025. Under the scenarios, EU countries that want to increase cooperation in defense or eurozone governance will not be obstructed by other hesitant members.
A strong EU needs a strong economy. In 2017, the EU adopted a number of new policies to revive the regional economy. The European Central Bank said it will continue to buy debts from the public and private sectors. The bank reduced its interest rate to a historic level, provided loans with low interest rates, and poured more than 1.8 trillion euros into the bond market.
The European Commission set up a European version of the International Monetary Fund to strengthen its self-reliance in future financial aid programs. The EC has accelerated the establishment of a banking alliance in the Eurozone, an initiative that was introduced several years ago when Ireland, Spain, and Greece faced debt crises.