Reported 9 months ago
In an effort to compete with China and the US, the EU is considering using public funds to support local manufacturing industries, a significant departure from their long-standing policy of limiting national subsidies. Thierry Breton, the EU Internal Market Commissioner, has proposed the establishment of a €100 billion public fund to reduce Europe's dependence on American defense manufacturers. The goal is to boost European arms production capabilities and strengthen the industrial base to rival the manufacturing industries of China and the US. The EU is also looking to expand investments in defense industries and may resort to debt to achieve these goals.
Source: YAHOO