🥇 First rule of investing? Know when to save! Up to 55% off InvestingPro before BLACK FRIDAYCLAIM SALE

EU aims to team up with defence industry to speed up ammunition output

Published 18/02/2023, 10:26
© Reuters. President of the European Commission Ursula von der Leyen speaks during the Munich Security Conference (MSC) in Munich, Germany February 18, 2023. REUTERS/Wolfgang Rattay

MUNICH (Reuters) - The European Union aims to join forces with the bloc's defence industry to speed up and scale up the production of ammunition badly needed on the battlefield in Ukraine and to replenish military stocks at home, its chief said on Saturday.

Speaking at the Munich Security Conference, European Commission President Ursula von der Leyen suggested the bloc should do what it did during the pandemic to prepare for the large-scale production of a COVID vaccine.

"We could think of, for example, advanced purchase agreements that give the defence industry the possibility to invest in production lines now to be faster and to increase the amount they can deliver," she said.

© Reuters. President of the European Commission Ursula von der Leyen speaks during the Munich Security Conference (MSC) in Munich, Germany February 18, 2023. REUTERS/Wolfgang Rattay

Von der Leyen underlined that the bloc could not wait for months and years to be able to replenish its own military stocks or send munitions such as 155mm artillery shells to Ukraine.

"It is now the time, really, to speed up the production, and to scale up the production of standardized products that Ukraine needs desperately, for example standardized ammunition," she said.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.