The debate over how to finance European defence is growing, as new initiatives and proposals multiply, creating confusion and, at times, tension. In July 2025, the European Commission outlined an initial proposal for the next Multiannual Financial Framework (2028-2034). This plan includes the creation of a large competitiveness fund of more than €400 billion to support strategic industries and technologies, into which funding for the defence and space sectors would be integrated.
Through the SAFE programme and the activation of the escape clause for defence, the EU has also shown that it can take significant measures to help Member States increase their defence budgets. In addition, the European Peace Facility (EPF) can-de facto and indirectly-support the European defence industry.
Yet, the key question remains: where will the money come from? Four main dossiers are currently under negotiation:
1. Increasing Member States’ contributions to the EU’s general budget and/or to the ad hoc EPF budget;
2. Issuing Eurobonds;
3. Reallocating other EU budget lines;
4. Strengthening the EU’s own resources.
Finally, the EU can also adopt measures to encourage public and private financial institutions to support the European Defence Technological and Industrial Base (EDTIB). It intends, for example, to press the European Investment Bank (EIB) to widen its mandate to cover defence and to take steps to make the sector more attractive to private savings.
The ARES conference will review the various options on the table, assessing the political implications of each. Behind the technical façade lie major political stakes and existential choices that Europeans will, sooner or later, have to confront.
Programme
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De 14:00 à 14:05
Welcome Address
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Jean-Pierre Maulny
Deputy Director, IRIS
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De 14:05 à 14:10
Keynote Speech [Recorded video]
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Roberta Metsola
President, European Parliament
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De 14:10 à 15:40
EU Funding for Defence and the Challenge of the Next MFF
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Oliver Cusworth
Senior Policy Advisor, Defence and Security Office, European Investment Bank (EIB)
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Daniel Fiott
Head, Defence and Statecraft Programme, Centre for Security, Diplomacy and Strategy, Brussels School of Governance; Assistant Professor, Vrije Universiteit Brussel; Non-Resident Fellow, Real Instituto Elcano
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Christophe Gomart
Vice-Chair of the Committee on Security and Defence, European Parliament
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Gauthier Lekens
Vice-President International Relations, Thales
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Modération
Maxime Cordet
Senior Research Fellow, Head of the Defence and High-Tech Industry Programme, IRIS
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De 15:40 à 16:10
Coffee Break
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De 16:10 à 17:55
Policies to Support Member States' Military Budgets: What Conditionality from the EU?
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Guillermo Ardizone García
Ambassador Representative to the Political and Security Committee (COPS), Permanent Representation of Spain to the European Union
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Lindsay Croisdale-Appleby CMG
Ambassador and Head of the UK Mission to the European Union
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Filip De Varé
Chief Strategy Officer John Cockerill Defense Weapon Systems
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Elena Lazarou
Director General, Hellenic Foundation for European and Foreign Policy (ELIAMEP)
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Fabio Liberti
Deputy Head of Unit, SAFE Task Force, DG DEFIS, European Commission
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Modération
Federico Santopinto
Senior Research Fellow, Head of the Europe, Strategy and Security Programme, IRIS
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De 17:55 à 18:00
Conclusion
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Jean-Pierre Maulny
Deputy Director, IRIS
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