EU’s New Defense Plan Aims to Boost European Military Purchases

The European Commission is set to unveil a new strategy
The commission paper will be unveiled in the coming weeks

WATCH: “There could be no greater symbol and no greater use for that money than to make Ukraine and all of Europe a safer place to live,” von der Leyen said Wednesday.Source: Bloomberg

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By Alberto Nardelli and Natalia Drozdiak

February 26, 2024 at 11:15 PM UTC

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The European Union will aim to make as much as half of its defense system purchases within the bloc by 2035, reversing a trend of buying a majority of its military equipment from third countries.

The goal is part of the EU executive arm’s European Defense Industrial Strategy, which also outlines collaborative investments, measures to secure critical supplies and changes to the European Investment Bank’s lending policies, according to a draft document seen by Bloomberg.