Investing.com -- According to France’s Finance Minister Eric Lombard, the French government is still in the early stages of planning how to finance an increase in defense spending and investment. Lombard shared this information during a press briefing in Paris, stating that the ongoing work related to deploying material and financing armament programs is still at a completely preliminary stage.

This news follows Germany’s recent announcement of a substantial spending plan aimed at transforming its military. This was revealed earlier this week, in tandem with the European Union’s agreement to mobilize more funds to mitigate the threat posed by Russian aggression.

France, however, faces a more challenging financial landscape compared to Germany due to its ongoing struggle to contain its budget deficit. As a result, the French government is exploring various financing options, including the possibility of a national loan.

Lombard emphasized the importance of increasing investment in defense due to the rising global significance of defending Ukraine and, more broadly, Europe’s strategic autonomy. He confirmed that the government is actively working on this matter with the Prime Minister and the President.

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