The European Commissioner called on the EU to switch to the regime of war economy
European Commissioner for Industry Terry Breton.
The European Union must go into a war economy mode amid the ongoing conflict between Russia and Ukraine , said European Commissioner for Industry Terry Breton.
The European Union must switch to a war economy mode amid the ongoing conflict between Russia and Ukraine. This was announced by the European Commissioner for Industry Terry Breton,reports ERR.
"We need to change the paradigm and move to a war economy. This also means that the European defense industry should take more risks with our help," said the politician .
Breton also stressed that the EU should be able to defend itself regardless of the outcome of the US presidential election, pointing to comments by presumptive Republican presidential candidate Donald Trump questioning NATO's principle of collective defense.
"In the current geopolitical environment, regardless of the outcome of our allies' elections held every four years, Europe must take more responsibility for its own security, " said the European Commissioner.
Breton plans to present proposals on how the EU can help strengthen the defense industry
On Tuesday, March 5 , Breton reportedly presented proposals on how the EU could help strengthen the defense industry.
Among the commissioner's proposals is the creation of a European version of the US Foreign Military Sales Scheme, under which the US would help other governments buy weapons from US arms companies.
Another proposal would allow the EU to force European arms companies to prioritize European orders in times of crisis.
Breton's proposals include investing 1.5 billion euros in defense until 2027. The Euro Commissioner also called on the EU member states to agree on a joint loan of 100 billion euros.
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