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EU capitals have agreed to launch a €150bn loans-for-arms fund backed by the bloc’s shared funds, in a landmark shift for Brussels spurred by Russia’s conflict in opposition to Ukraine and US President Donald Trump’s calls for for Europe to spend extra by itself safety.
The initiative, which is able to enable EU international locations to borrow from Brussels and spend on weapons techniques and platforms by way of joint procurement, was proposed by the European Fee earlier this 12 months as a way to hurry up the continent’s rearmament.
It secured political settlement from capitals on Monday morning, three officers conversant in the choice informed the Monetary Instances, after months of haggling over the main points of how the cash may be spent. It is going to be formally agreed on Wednesday, the officers stated.
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