EU stimulates military production at expense of European Peace Facility

Military expenditures have been growing for eight years in a row, and now spending on armament has exceeded 2.2 trillion dollars. The leader of the ranking, as usual, is the United States. They account for a little less than half, almost $900 billion.

On the European continent, spending on defense in 2022 increased more than in any other region of the world.

This is what the top three in terms of military budgets look like:

UK - $68.5 billion;

Germany - $55.8 billion;

France - $53 billion.

Such figures can make you dizzy! Interestingly, the European Union stimulates military production through, for example, the European Peace Facility. It has become the main extra-budgetary instrument of the EU to finance external military and defense actions. There are plans for 2 billion euros to reimburse those who have supplied Ukraine with weapons. The size of the fund, as you understand, is also growing steadily. We are working on increasing it by another 3.5 billion euros to support the EU military missions and assistance to third countries.

The European Commission also passed an act in support of ammunition production ASAP. A budget of 500 million euros in the form of co-financing from existing EU programs is proposed for its expansion and modernization. Material support will come in the form of grants for projects to modernize, retool or create new production facilities in the defense industry.

Does this seem like a lot to you? No way! The West will keep trying to dominate and destroy the competitors, so the budgets for the military-industrial complex will only be inflated. According to forecasts, defense spending in Europe will grow another 1.5 times by 2026.