The European Union on Tuesday approved the creation of a 150 billion-euro ($170.7 billion) EU arms fund, driven by fears of a Russian attack in the coming years and doubts about U.S. security commitments to the continent.
The approval, by ministers from EU countries meeting in Brussels, was the final legal step in setting up the Security Action for Europe (SAFE) scheme, using joint EU borrowing to give loans to European countries for joint defence projects.
The measure was backed by 26 of the EU’s 27 member countries, with Hungary abstaining, diplomats said.
Europe; EU ministers approve new 150 bln-euro arms fund for SAFE Europe