Pierrakakis says Eurogroup must do more with fewer resources as defence spending rises

Eurogroup finance ministers were due to meet on 9 November 2026, and the chair, Kyriakos Pierrakakis, set out the agenda as he arrived. The discussion on European defence was to involve NATO Secretary General Mark Rutte.

Pierrakakis said the bloc faces growing pressures, including higher inflation, costlier borrowing and greater needs for public spending. He argued that the quality of public finances is a priority for the Eurogroup, and that defence spending therefore deserves priority. He noted that the national escape clause, which allows many states to raise defence spending, has already been activated, and that some states had already spent considerable sums while others had not.

“We need to do more with fewer resources. Our motto is more with fewer means.”

According to Pierrakakis, the day's discussion will focus on secondary effects, economies of scale and the possibilities offered by joint procurement, with European cooperation and synergies as the key concept. Asked whether announcements on common financing instruments were expected, he said the discussion would centre on the benefits of joint coordination and joint procurement.