The new instrument will provide for the joint procurement of defence products conducted by at least three member states. The aim is to address the short-term need to replenish and, if necessary, expand European defence equipment stocks, MEPs say.

They advocate doubling the size of the proposed fund to €1 billion. The money should fund up to 20% of the estimated value of the common procurement contract per consortium of countries.

The instrument should also contribute to strengthening the European Defence Union and the European defence single market, and to transform the European defence industrial and technological base, say MEPs. It also aims to reinforce common defence procurement, in particular to meet the goal of jointly procuring 35% of total equipment spending – up from 18% in 2021.

The European Commission and the European Defence Agency should also prepare a list of critical components of non-EU origin for which no alternative exists in the EU, as a basis for future measures…