On May 2, the European Commission proposed a 40-percent increase of security spending in the EU 2021-2027 budget. The Commission also proposed to increase foreign policy spending and to establish a defense fund called the European Peace Facility (EPF) worth 10.5 billion euros ($12.5 billion), which can be used to provide military-technical support to the armed forces of countries outside the bloc.
"And I also informed ministers of my intention to present a detailed proposal by mid June on the European Peace Facility, a new off-budget instrument to finance our defense work, military operations, but also support for partners and also the possibility to finance military equipment of partners," Mogherini said at a press conference following the informal meeting of EU ministers of defense in Sofia.
Mogherini added that by June the report on PESCO implementation will also be presented.
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In March, the Council of the European Union adopted a plan of action to implement a joint EU program called Permanent Structured Cooperation (PESCO), which foresees the possibility of a number of EU member states working more closely together in the area of security and defense in a binding and permanent framework. The program consists of 17 projects involving 25 countries.
