5/18, 2:59 PM (Source: TeleTrader)
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EU to start Defense Joint Procurement Task Force

The European Union announced on Wednesday that it will create a Defence Joint Procurement Task Force in order to address "gaps" in its defense investment. The task force will work with member states on their short-term needs "to face the new security situation." The European Commission stated it is ready to commit €500m of the EU budget over two years "to incentivize member states to address these needs in a collaborative way."

The EU also intends to identify "current and necessary additional" industrial manufacturing capabilities, ease the defense industry's access to critical raw materials, boost the availability of skilled workers and critical technologies, as well as consider strengthening the budgets of the European Defence Fund and military mobility through the Connecting Europe Facility.

Baha Breaking News (BBN) / DJ