|
Post by sevenofnine on Mar 5, 2024 12:55:55 GMT -5
That whole lotta of money EU proposes vast €1.5 billion defense boost The European Commission has unveiled ambitious plans for a €1.5 billion ($1.6 billion) defense industry program aimed at boosting weapons production and procurement and reducing reliance on US armaments. The new program calls on the 27 EU member states to procure at least 40% of their defense equipment collectively by 2030, aiming to make intra-EU defense trade worth 35% of the total EU defense market. The program is to be financed from the European Union budget for the period between 2025 and 2027. "To increase European defense industrial readiness, member states need to invest more, better, together, and European," the EU Commission said in a statement. "We need to get that transatlantic balance right, irrespective of electoral dynamics in the United States," said European Commission Vice President Magrethe Vestager. "We must take more responsibility for our own security, while, of course, remaining fully committed to our NATO alliance. An improved ability to act will make us a stronger ally." Russia's invasion of Ukraine has prompted many European countries to increase defense spending, but EU officials would like to see a more efficient collective effort rather than multiple national policies. The Commission also proposed using a sha www.dw.com/en/ukraine-updates-eu-proposes-15-billion-defense-spending-boost/live-68441617
|
|