European Union countries will face large bills for defense, energy and pensions in the next 15 years, the International Monetary Fund told EU finance ministers on Saturday, suggesting a mix of reforms, consolidation and joint borrowing as a way to manage that.

European Union nations face significant financial challenges in defence, energy, and pensions over the next 15 years. The International Monetary Fund warns that without action,…

“The ‘muddling-through’ approach that many countries have adopted so far is reaching its limits,” the Fund said.