12/8/2022, 10:43 AM (Source: TeleTrader)
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EU ready to finance boost in arms replenishment

European Union's High Representative for Foreign Affairs and Security Policy Josep Borrell stated on Thursday, while appearing at a conference organized by the European Defense Agency (EDA), that the bloc is "ready to finance an increase" in the production of armaments in order to replenish its deteriorating stockpile.

"The stocks of weapons in the EU supplied to Ukraine are being depleted, since the European military-industrial complex has not received adequate funding for years," Borrell explained.

In its report, EDA stated that the total defense spending of the 26 EDA Member States amounted to €214 billion in 2021, growing for the seventh consecutive year. Nevertheless, Borrell stressed that it's not only about the numbers, but also about how these resources are used. "We need to do it better, and that means doing it together," Borrell concluded.

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