US EditionEU Approves €150 Billion SAFE Loan Scheme to Reinforce Defense Industry
- The European Union approved on May 27 a 150 billion-euro loan scheme called SAFE to boost defense spending across member states.
- The scheme responds to security threats from Russia and Belarus and addresses member states' calls for support to meet NATO-driven defense targets.
- SAFE will pool EU borrowing power using the bloc’s triple-A credit rating to loan funds to members, with a 65-35 production rule covering the EU, EFTA countries, and Ukraine.
- Benjamin Haddad, France’s Europe minister, described SAFE as an important advancement aimed at prioritizing European industries and lessening reliance on external powers such as the United States.
- The scheme, expiring in 2030, could trigger significant defense modernization but requires fair fund distribution and further steps, including opening participation to partners like the UK.
145 Articles
145 Articles
European Union Adopts Historic Defense Program
The European Union has officially adopted a historic $170 billion defense program. The program, called the Security Action for Europe (SAFE), will “support those member states that wish to invest in defence industrial production through common procurement, focusing on priority capabilities,” a statement from the Polish Presidency of the Council of the EU says. We have adopted the first large-scale defence investment programme on the EU level wor…
EU Approves $170 Billion Defense Fund as Europe Moves to Take Charge of Own Security
The European Union (EU) has formally adopted a landmark $170 billion defense financing program aimed at rearming the continent, bolstering its defense industry, and reducing reliance on the United States as the war in Ukraine rages on and questions swirl about America’s future engagement in Europe’s security amid increasing risks in the Pacific posed by communist China. The new instrument, known as the Security Action for Europe (SAFE), was fina…
EU: Final Agreement to Finance Joint Weapons Projects of EUR 150 Billion
On Tuesday, 27 May, the European Union countries finally adopted an agreement in principle to facilitate their joint arms purchases, as part of a European programme with some EUR 150 billion, the EU Council said.
The Twenty-Seven Reach Agreement on the Safe Instrument, Which Is to Contribute to the Financing of Europe's Rearmament.
With EUR 150 billion, it will provide loans to Member States and associated third countries for joint procurement and development projects of military capabilities. ...
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