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Borrell: EU urgently needs to boost defense

Borrell: EU urgently needs to boost defense
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Monday, 11 March, 2024, 15:30

The European Union's High Representative for Foreign Affairs and Security Policy Josep Borrell repeated on Monday that the EU must "urgently" boost its defense capabilities to face "new potential threats," including that from Russia. He said the EU's stocks have depleted after two years of supplying Ukraine with military aid and that "the conflict has evolved from a war of stocks to a war of production."

Borrell said the EU's current defense industry covers around 40% of the needs of the European defense with an annual turnover of €70 billion. He called for more joint procurement and "more projects of common European interest," intending to reach a 40% share of joint procurement in 2030. He added that the EU will allocate €1.5 billion from its budget to support its defense industry from 2025 to 2027 but that "much more important financial means" will be needed afterward.