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MNI: EU Set To Consider New Agency To Fund Defence-Officials

(MNI) Brussels
LUXEMBOURG

A new agency could meet defence needs identified as being up to EUR100 billion a year.

The European Union is likely to consider the creation of a new agency to provide joint funding for a major boost to defence spending, with the European Stability Mechanism as a rough blueprint, EU finance officials told MNI.

While any such discussions are unlikely to occur before European parliamentary elections in June, officials noted that developments on the Ukraine-Russia front line could force the pace of events. Big EU ammunition manufacturers require long-term, high-volume contracts they can rely on, they said.

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The European Union is likely to consider the creation of a new agency to provide joint funding for a major boost to defence spending, with the European Stability Mechanism as a rough blueprint, EU finance officials told MNI.

While any such discussions are unlikely to occur before European parliamentary elections in June, officials noted that developments on the Ukraine-Russia front line could force the pace of events. Big EU ammunition manufacturers require long-term, high-volume contracts they can rely on, they said.

Keep reading...Show less