5.5 billion per year to boost Europes defence capabilities

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.

Vice-President for Jobs, Growth, Investment and Competitiveness Jyrki Katainen said: “People across Europe are worried about their and their children’s security. Complementing our cooperation with NATO, we need to do more and better ourselves. Today we are showing that we walk the talk. The Fund will act as a catalyst for a strong European defence industry which develops cutting-edge, fully interoperable technologies and equipment. Member states will remain in the driving seat, get better value for their money – and ultimately see their influence increased.”