The war bonds look like a backdoor route to giving the EU power to tax. From Tom Luongo at tomluongo.me:
After a mostly peaceful Security Conference in Munich over the weekend, Estonian Prime Minister Katja Kallas let the real purpose of all the recent hysteria over Ukraine funding out of the proverbial bag — Eurobonds.
Kallas was handed the bully pulpit to make the argument for $110 billion in Eurobonds be issued by the EU Commission to spend on arming Europe for the future and supporting Ukraine. It just sounds like more of the same that we’ve heard for two years now. More money for Ukraine. More war spending.
But this is a far more complex and nuanced issue than just making sure the West fights Russia to the last Ukrainian. This is ultimately about shoring up the EU’s fundamental weakness. It is an economic bloc with a common currency whose political authority is mostly powerless to control the value of that currency.
For this reason the EU leadership, nominally Davosian in their agenda, has been working their political machine towards giving the EU Commission that power through bond issuance and a centralized taxing mechanism.
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