COLOGNE, Germany – NATO was built on the idea of pooling military capabilities, so why not start your own bank to grease the financial cogs? That’s a question posed by a new report from the Washington-based Center for American Progress to the new Biden administration.
The blueprint for such an organization would be similar to that of other multinational lending institutions, such as the World Bank, say analysts Max Bergmann and Siena Cicarelli. The wealthier NATO members would initially capitalize the bank, or help it gain an AAA credit rating, gradually setting up a self-sustaining financial enterprise for underwriting new military investments, depending on the idea.
The recommendation comes as President-elect Joe Biden sets up his Pentagon team, with advisers absorbing proposals from progressive and Democratic think tanks for his national security agenda.
There is no shortage of advice from Washington and Europe to revitalize NATO after …
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