European Union opens about its five billion euro defense fund

World - Mohit Shah - Dec 01,2016

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european union opens about its five billion euro defense fund

The European Commission has unveiled its plan regarding the continent’s military upgrade that will involve a spending of five billion euros.

It is surely one of the biggest research and defense funding that has been proposed by the European Commission. On Wednesday, the authority introduced its 5 billion-euro fund which would involve the various European governments to merge together for purchasing new planes and helicopters at lesser costs.

This report was confirmed by the Vice President of the European Commission, Jyrki Katainen. He informed the reporters that, EU member states are willing to push the project forward since it involves enhanced security with cost saving as a prime benefit.

Katainen further revealed that, “Some member states that have been traditionally quite critical to defense cooperation have to some extent changed their mind”. This statement highlights the fact that, the recommended plan is surely effective and acknowledged by majority of the European states.

The step towards improved military cooperation was being framed since the last two years, as said by Katainen at the press conference. Since many years, EU states are spending an estimate between 25 and 100 billion euros on defense & security, mainly due to lack of cooperation among the member nations. In 2015, the US had invested more than double on its defense as compared to the total spending of EU member nations. These facts are suggested to be the driving force behind this current plan.

EU officials also mentioned a related plan which includes development bank investment for military research. It will open gates for modern technology to enter the sector and help in the creation of drones, hi-tech gear and cyber warfare systems.

Federica Mogherini, High Representative of the European Union for Foreign Affairs and Security Policy said, all 28 members are ready for this new operation.