EU ambassadors agreed on the rearmament Fund of EUR 150 billion
| EU Member States have already increased their defense costs by over 30% over the last three years, concerned about the Russian invasion of Ukraine and because of fears that they may be Moscow’s next target. However, according to EU leaders, this is not enough. |
EU thinks where to get money for its rearmament, ideas multiply
EU initiative called « EUROPE ACTION ACTION » – Security Action for Europe (Safe)aims to eliminate national barriers by financing joint projects between Member States by focusing on « buying a European ». The desire is to strengthen the European defense industry.
In order for a project to receive funding from Safe, 65% of the value should come from EU -based companies, European Economic Area or UkraineS
However, companies from countries that have signed the EU Security and Defense Partnership Agreement can also participate if they meet additional conditions.
| On Monday, Britain signed such an agreement with the EU, which approaches British companies as BAE Systems to the ability to participate in SAFE -funded projects. |
The European Commission has excluded from the rearmament Fund for large producers
The ambassadors, representing the 27 countries, agreed on Wednesday about the adoption of the legislation. Negotiations have continued over the last two months, maintaining most of the original proposal. Ministers are expected to approve the legislation finally on May 27 – the last legal step in the process.
« This fulfills the commitments made by EU leaders in March, helping Member States invest in European defense and strengthen our common security, » he wrote in a social media publication.
