EU increases volume of European Peace Facility by 2.2B euros

The EU Council has adopted a decision increasing the financial ceiling of the European Peace Facility (EPF) to €7.979 billion (in current prices) until 2027, ensuring that additional financial needs can be covered, Report informs referring to the Council’s website.

The decision implements the political agreement reached on December 12, 2022, when the Council decided to increase the overall EPF financial ceiling by €2 billion (in 2018 prices) in 2023, and allow for the possibility of a further increase at a later stage (up to €5.5 billion in 2018 prices until 2027).

The Council also decided to set a financial reference amount for the common costs of the EU Crisis Management Military Exercise 2023 (MILEX 23) at €5 million and introduce more flexibility in the collection and use of financial contributions from member states and in their use by the facility.

In its conclusions of December 15, 2022, the European Council reiterated the global dimension of the Facility and welcomed the agreement in the Council on December 12, 2022 to ensure its financial sustainability.