Plans to invest aimed at acquiring more weapons jointly among EU member states
The European Union has announced that it will be investing an estimated €70 billion to fill in the gaps in defence spending by 2025. The statement was made by the EU foreign policy chief Josep Borrell, according to a report on Euronews from Wednesday, November 16. Borell discussed this plan during a meeting of EU block´s defence ministers in Brussels.
Speaking about how the defence spending should be done, Borrell said that the aim is to procure all the weapons jointly among all the EU member states, similar to what was done by the EU for COVID-19 vaccines. “The important thing is to go together, to avoid splitting the market, to avoid competition,” added Borrell, while speaking to reporter, the report said.
He also stated that “We have to avoid what happened with the vaccines. Everybody together, altogether, makes for a better price, better quality, and better time.”
According to the report, experts argue that after EU countries who have supplies weapons to Ukraine are now facing stock deficit. This includes gaps in the weapons stockpiles of some countries and also a shortage of missiles, the report adds. Experts also say that they are concerned that this process of acquiring weapons jointly could take a long time, even decades.
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