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In this episode, we speak with Prof. Spyros Blavoukos, a professor of international and European economic studies at the Athens University of Economics and Business. Prof. Blavoukos is also a senior research fellow at the Athens-based Hellenic Foundation for European & Foreign Policy (ELIAMEP).

One focus of the podcast is the recently adopted, by the EU Council, 150-billion-euro financial instrument known as the Security Action for Europe, or SAFE, which aims to facilitate joint procurements of weapons systems and materiel in order to boost European security and defense. The threat in this case, as he says, is evidently Russia.

The regulation is part of the overall ReArm Europe initiative enacted to mobilize more than 800 billion euros in defense spending through various means, including fiscal flexibility - as 650 billion euros of the figure will emanate from national coffers, along with a possible redirection of Cohesion funds.

Blavoukos breaks down what the ReArm initiative means and how it came about, as well as Athens’ concerns over the participation of neighboring Turkey (Turkiye), a perennial EU candidate-state and third country in this case, in the joint EU defense scheme and the continent’s overall defense architecture.

The Greek side has, among others, pointed out that Turkey cannot maintain a “casus belli” (cause of war) against its neighbor, a fellow NATO member-state in case, if the latter exercises its international right to extend territorial waters from the current six nautical miles, and at the same time benefit from the EU’s spending spree on defense.

The prospect of whether the unanimity will be required in future decision-making vis-à-vis third countries is discussed, along with the initial US reaction to increased defense spending by the Europeans – which Washington has long demanded - but with exclusionary clauses for American contractors and manufacturers.