Ministers from European Union (EU) countries approved the creation of a 150 billion euro (about 170.22 billion U.S. dollars) arms fund on Tuesday, the bloc's first large-scale defense investment program at the EU level, the Council of the EU said in a press release.
The fund will be channelled through the new Security Action for Europe (SAFE) borrowing scheme, which offers competitively priced, long-maturity loans to member states that choose to invest in defense production via joint procurement of priority capabilities, the Council said.
The European Commission, the EU's executive arm, proposed the fund in March as an essential part of its ReArm Europe Plan/Readiness 2030 package, which aims to use over 800 billion euros (about 906.70 billion U.S. dollars) in defense spending to bolster European security and defense cooperation.
EU ministers approve creation of 150-bln-euro arms fund
Officials from the European Union (EU) and Finland have voiced concerns after the White House said it has been discussing "a range of options" to acquire Greenland, including the use of the military.
EU foreign policy chief Kaja Kallas told a press briefing in Cairo on Thursday that the message from the U.S. is "extremely concerning," and "not really helping the stability of the world."
Kallas called on all parties to stick to international law, adding that relevant response measures has been discussed among EU members.
"The international law is very clear, and we have to stick to it. It is clear that it is the only thing that protects smaller countries, and that is why it is in the interest of all of us. And we discussed this today, as well, that we uphold the international law on all levels," she said.
Finnish Foreign Minister Elina Valtonen on Thursday described recent remarks by U.S. President Donald Trump and members of his administration on Greenland as "worrying," while reiterating Finland's support for Denmark and Greenland's right to self-determination.
"Finland and the other Nordic countries have exceptional expertise in Arctic conditions, and we are happy to make use of that together with our North Atlantic Treaty Organization (NATO) allies to strengthen Arctic security, but it cannot be done by threatening allies," she said at a press conference at Finnish parliament after an extraordinary meeting of the parliamentary Foreign Affairs Committee.
Johannes Koskinen, chair of the Foreign Affairs Committee, said it was "unprecedented" for threats of violence to be made within NATO against another member in connection with seizing territory, adding that such threats run counter to the United Nations Charter and that their inconsistency with international law should be underscored at all levels.
EU, Finnish officials express concerns over US remarks on Greenland
