Europe is falling behind competitors such as the United States and China and in this scenario of complex geopolitical situation, it is time to act. This was defended by Luis de Guindos, vice president of the European Central Bank (ECB), in the Vanguardia forum cycle held this afternoon at the Once auditorium in Barcelona. “We must talk again about structural reforms in Europe,” Guindos insisted during the event. In this context, the euro zone faces a series of unavoidable expenses, such as technology, those associated with climate change and those destined for defense.
The ECB director has highlighted this last chapter with special emphasis. As European politicians and officials have warned in recent weeks, Guindos has advocated “spending more” on defense to be able to face the “threats” that come from certain states. “The world is changing and we have heard threats” related to NATO, he commented. For the former Minister of Economy, the continent can no longer trust its security to the work of the United States, the former main pillar of European defense. The European Union must be able to guarantee its protection at a time when the conflict between Russia and Ukraine does not subside.