Pierre Gramegna interviewed by Reuters

Excerpts from interview with Pierre Gramegna, ESM Managing Director
Published by Reuters on 30 January, conducted on 28 January 2026
Interviewer: John O’Donnell

On the potential use of ESM credit lines for defence by euro area countries in good financial health but whose budgets are stretched:

"In these times of geopolitical turmoil, which have triggered higher expenditure, defence costs for all countries, we must use the full potential of the ESM."

“We have instruments. It is in the best interests of Europe ... to use the full potential.”

"It is obvious that ‌the relationship between Europe and the United States is becoming more and more bumpy."

"It is one of our instruments … It's available. We need to rediscover the potential of that instrument."

On whether the credit line for defence would be subject to conditionality:

"You need to guarantee that this facility ... has to be used for defence expenditure. The whole goal here is to avoid that this type of tool is combined with restructuring of the economy."

On the possibility of enabling collective requests for access to precautionary credit lines to avoid any stigma:

"The impetus [for approving such a procedure] has to come from the member countries."