30 November 2016•Update: 30 November 2016
By Ilker Girit
ISTANBUL
A German newspaper on Wednesday claimed the EU is planning to create a common defense fund to tackle multi-billion-euro losses in the sector.
According to the Suddeutsche Zeitung, EU Commission officials have said the fund is a part of an action plan on a European Defense Strategy the authority intends to present Wednesday.
The EU wants the new defense fund to boost cooperation and reduce wasted money stemming from technological gaps and a lack of interoperability with equipment.
Europe estimates this lack of co-operation on defense issues costs the EU between €25 billion and €100 billion ($26.5 billion and $106 billion) annually.
The commission proposals are part of a plan to set up a unified defense strategy to be adopted at an EU summit in December.
Speaking to the newspaper, EU Commission officials said the bloc wanted to be able to engage more quickly and efficiently, especially in Africa.
They denied the new fund was to compete with NATO or would lead to the creation of a European army.
Civil-military leadership structures will also be created for this purpose, the officials added.
EU defense spending has remained at the same level over the last 10 years, around €200 billion, far behind China and the U.S.
