The European Commission proposes the creation of a €100B defense fund.

European Commissioner for Internal Trade Thierry Breton called on EU member states to create a €100B defense fund and to increase arms production to match the output of the Russian Federation, writes Politico.

According to him, the leaders of the member states will discuss defense challenges at the summit in early February. The European Council must approve the decision to allocate EU money. The European Commissioner clarified that the achievement of this goal will require a reduction in exports to countries that are not members of the EU and will require the governments of the member countries to pressure their respective defense industries to increase production.

According to Breton’s calculations, the EU can match Russia in weapon production within 1.5-2 years. He also noted that it is crucial for the EU to “have the same potential.” He also believes that the EU can still produce one million artillery shells by the spring of 2024, which can then be handed over to Ukraine.

“We will abide by our obligations,” he stressed.