A European Defence Fund: €5.5 billion per year to boost Europe's defence capabilities
(From ec.europa.eu)
Today the Commission is launching a European Defence Fund to help Member States spend taxpayer money more efficiently, reduce duplications in spending, and get better value for money.
Announced by President Juncker in September 2016, and backed by the European Council in December 2016, the Fund will coordinate, supplement and amplify national investments in defence research, in the development of prototypes and in the acquisition of defence equipment and technology. Commissioner Elżbieta Bieńkowska, responsible for Internal Market, Industry, Entrepreneurship and SMEs, added: "Europe must become a security provider. The Fund will support collaborative research in defence and the joint development of defence capabilities. It will, therefore, be a game-changer for the EU's strategic autonomy and the competitiveness of Europe's defence industry— including the many SMEs and mid-cap companies forming the European defence supply chain."