Commoney Wise
  • News
  • Politics
  • Business
  • Finance
  • Investing
  • Markets
    • Stocks
    • Commodities
    • Futures
    • Forex
  • Crypto
  • Price Index
    • Stocks
    • Cryptocurrency
    • Commodities
    • Forex
  • Videos
  • Login
  • Register

  Breaking
EY considers handing retired US partners cut of proceeds from spin-off February 3, 2023
The EU plans to digitise and monetise its borders. Here’s how February 3, 2023
Mortgage rates keep dropping, making housing affordable for millions more: Freddie Mac February 3, 2023
Core Scientific to hand over 27K rigs to pay $38M debt February 3, 2023
USD/CAD sticks to intraday gains above mid-1.3300s, US jobs report (NFP) looms large February 3, 2023
Next
Prev

en English
en Englishes Españolde Deutschfr Françaisit Italianopt Portuguêsru Русскийzh-CN 简体中文hi हिन्दीja 日本語
Casino
  • News
  • Politics
  • Business
  • Finance
  • Investing
  • Markets
    • Stocks
    • Commodities
    • Futures
    • Forex
  • Crypto
  • Price Index
    • Stocks
    • Cryptocurrency
    • Commodities
    • Forex
  • Videos
No Result
View All Result
Commoney Wise
Casino
  • News
  • Politics
  • Business
  • Economy
  • Finance
  • Investing
  • Markets
  • Crypto
  • Tech
  • Videos
Home News

EU defence stockpiles ‘almost empty’, Borrell warns

Staff by Staff
December 11, 2022
in News
0 0
A A
0

Defence investments in Europe are increasing but stockpiles are “almost empty” and critical defence capabilities are lacking, the European Union’s top diplomat said on Thursday.

“The war in Ukraine has been a brutal wake-up call for many of us,” Josep Borrell told people gathered in Brussels for the release of the European Defence Agency (EDA)’s annual spending report.

“For years we have been under-investing and this has meant that our stockpiles have been quickly depleted due to the fact that we are providing them to Ukraine,” he said.

“When we provide military support to Ukraine, this military support doesn’t come from the factory, (it) comes from the stocks, the army stocks. And everybody agrees that this stockpile has been quickly depleted because they were almost empty.”

Borrell added that the EU also lacks critical defence capabilities to defend itself.

According to the EDA’s report, EU countries spent a combined €214 billion on defence in 2021, crossing the €200 billion threshold for the first time ever following a 6% year-on-year increase.

Still, this amounted to just 1.5% of Gross Domestic Product (GDP) — below the target of 2%.

Borrell welcomed the fact that defence investment — which relates to the procurement of defence equipment — grew by 16% to a total of €52 billion.

“€1 out of (every) €4 goes to new capabilities and it is increasing very quickly. For the third year in a row, we collectively met and exceeded the 20% benchmark,” he said.

Spending on defence research and technology meanwhile increased by 41% year on year to €3.6 billion while expenditure on research and development reached €9 billion in 2021, up by almost 20% compared to 2020.

Collaborative defence equipment procurement, however, was significantly below target. 

EU countries spent a total of 18% of their overall defence expenditures on joint purchases when the benchmark has been set at 35%.

“We need to address the short-term needs by investing and procuring jointly, buying more together,” Borrell said. 

“There are very much concrete intentions by some member states to participate in the joint procurements. But these intentions have to be translated quickly into acquisition orders sooner rather than later.”

“The European Defence Agency stands ready to support this procurement and act as a contracting agent EU Member States requested. We have the legal basis and we have experience to do so let’s go quicker to refill our stocks,” he said.

Earlier this year, the European Commission unlocked an additional €1 billion in funding to boost joint defence research and purchases. These came on top of the nearly €8 billion allocated to the European Defence Fund for the 2021-2027 period.

Multiple EU countries responded to Russia’s war on Ukraine, now in its tenth month, by upping their defence spending pledges. Germany, for instance, unveiled a €100 billion package to upgrade its military equipment.

Read the full article here

ShareTweetSharePinShareSendShare
https://www.madmoneycasino.com/?faff=667&sub=DemCasino

Related Articles

News

The EU plans to digitise and monetise its borders. Here’s how

February 3, 2023
News

China says it’s looking into suspected spy balloon over U.S.; Canada monitoring ‘potential second incident’

February 3, 2023
News

Texas woman accused of killing friend and taking her baby sentenced to 55 years in prison

February 3, 2023
News

LIVE: EU leaders meet Zelenskyy in Kyiv for joint historic summit

February 3, 2023
News

Michigan man says son, 6, ordered $1K in food from Grubhub after borrowing his phone to play games

February 3, 2023
News

First sweeping federal gun crime report in 20 years shows firearms bought legally are being used in crimes more quickly

February 3, 2023
Load More

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Commoney Wise

Commoney Wise is your one stop news website for the latest finance, business and crypto news, follow us to get the news that matters to your minute by minute.

Our Other Brands Kronosslott, Commoneywise, Demcasino.de, SportsExtremes.tv, Slotgamesusawwr, Coin Desk Times, Kingsofgolf.be

Topics

Business Commodities Crypto Economy Finance Forex Futures Investing Markets News Politics Stocks Tech Videos

Get Informed

The most important world news and events of the day

Be the first to know latest important news & events directly to your inbox.

By signing up, I agree to our TOS and Privacy Policy.

  • Privacy
  • Terms
  • Press
  • Advertise
  • Contact

© 2022 Commoney Wise. All Rights Reserved.

No Result
View All Result
  • News
  • Politics
  • Business
  • Finance
  • Investing
  • Markets
    • Stocks
    • Commodities
    • Futures
    • Forex
  • Crypto
  • Price Index
    • Stocks
    • Cryptocurrency
    • Commodities
    • Forex
  • Videos

© 2022 Commoney Wise. All Rights Reserved.

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.