In an interview with German tabloid Bild, Faber listed three "elements of the war economy" that need to be introduced in Germany and the entire European Union, namely guarantees and loans for defense companies and prioritization of weapons production over peaceful projects.
"We must encourage the expansion of production so that large volumes of urgently needed military equipment, particularly artillery ammunition, can be produced quickly. We must guarantee a plant's workload capacity at a certain level, for example, for ten years, so that defense companies could reliably produce the required volumes," he said.
Faber added that defense companies should be provided with access to resources, including steel and chemical products, by creating reserves in Germany and across Europe.
"In relation to civil projects, we have to give priority to the defense industry as far as these products are concerned," Faber said.
Faber made his statement after the US Senate blocked a $118 billion supplemental funding bill with aid for Ukraine and Israel, as well as immigration reforms and national security measures, on Wednesday, calling it a "worrying sign."
Western countries, including member states of the European Union, have been providing military and financial aid to Kiev since the start of Russia's special military operation in Ukraine in February 2022. The Kremlin has consistently warned against continued arms deliveries to Kiev, saying it would lead to further escalation of the conflict. In April 2022, Russia sent a diplomatic note to all NATO countries on the issue of arms supplies to Ukraine. Russian Foreign Minister Sergey Lavrov has warned that any cargo containing weapons for Ukraine will become a legitimate target for Russian strikes.