EU member states vowed to step up defence investment after Russia attacked Ukraine in a major shift of European defence policy following years of budget cuts and hesitation to cooperate closer.
The commission wants to prevent the increased defence spending breaking down in industries along national lines and head off EU countries competing against each other.
“To access funding for a defence project, at least three EU member states must take part.
“The investment should develop the European defence industry and the procurement must be for “critical defence products,” a statement from the commission said.
The 27 EU member states and the European Parliament are now set to scrutinise the proposal for the 500 million euros fund.
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