THE IMPACT OF ECONOMIC AND FINANCIAL CRISIS ON EUROATLANTIC SECURITY
THE IMPACT OF ECONOMIC AND FINANCIAL CRISIS ON EUROATLANTIC SECURITY

Summary/Abstract: The depth and spread of economic and financial crisis and then the worsening of debt problems in the Eurozone have highlighted the main weaknesses of the national economic policy and EU economic governance. European states do not have sufficient tools to maintain internal economic and social stability and to meet NATO commitments. As military budgets of the Member States are resized, access to resources and markets is more limited, the demand for military equipment decreases and the defence industry capacity to produce and develop capabilities to response in case of crisis and conflict is reducing. Professional armed forces, well equipped and able to cope with the large range of risks and threats in the security environment cannot be achieved without adequate resources. Therefore, the necessity for NATO structural and operational transformation required the identification of new ways to optimize the relation between resources and needs, such as Smart Defence.

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