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The European Union will seek to cut the EU defence budget from 2 percent of its GDP to less than 0.5 percent this year, the bloc’s chief defence and foreign policy officer said, a fall of about 20 percent compared with current levels.

This is in accordance with the latest EU defense budget agreement, which, like the United Kingdom’s exit from the European Union, will likely have a dramatic impact on the EU’s foreign and security policy, especially in response to its current isolationist stance and its growing threat from Islamic State jihadists.

The commission made the decision in a meeting on Friday that was chaired by Germany’s defence minister Ursula von der Leyen. German Chancellor Angela Merkel’s office announced it was negotiating with the EU’s foreign affairs commissioner and defence chief earlier today ahead of Merkel’s upcoming trip to Washington.

In a draft statement to be voted on by members of the EU defence council at the end of May, the commission is expected to outline its plans for slashing the defence budget, with the aim of achieving “an EU defence budget that could be as small or even as large as the UK’s,” according to the EU’s foreign-affairs chief Federica Mogherini. Mogherini said: “We see a real need for a review of the EU’s defence budget, especially the defence sector — so it’s not just an internal decision.”

The commission’s proposals for future cuts are not yet finalised but it is certain that will include major reductions to the EU’s existing military spending, and reductions to the overall defence budget.

The latest agreement requires the agreement of all 28 EU member states and a unanimous agreement from the commission. The final details are likely to be agreed by the end of June. If Merkel’s agreement holds through the summer, the budget cuts could take place this year. But if the agreement fails, the cuts could come later in the year as part of the commission’s attempt to bring down costs by 2018.

As EU leaders are still struggling to agree a common foreign policy strategy following June’s Brexit

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How much is Lightroom? – Learn Photo Editing Login Google Play
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