EU buying too much defence equipment from abroad, especially US: Report

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EU buying too much defence equipment from abroad, especially US: Report - Business Standard

Quick Summary:

The 27 member states are also failing to make best use of Europe's research and development capacities to modernise their armed forces, with just a fraction the level of US investment, said the report by former Italian prime minister and European Central Bank chief Mario Draghi.

The report comes as the EU continue to struggle to find enough weapons and ammunition to help Ukraine survive the full-scale Russian invasion, now in its third year, and to kickstart Europe's defence industry.

European Union countries are buying too much of their defence equipment abroad, almost two thirds of it in the US, and failing to invest enough in joint military projects, a landmark report on EU competitiveness warned on Monday.