EU Buys Too Much Defense Equipment from US: Report [Video]

European Union nations are heavily dependent on foreign defense equipment, with nearly two-thirds of their military purchases coming from the United States, according to a new report on EU competitiveness.

The study warns that the 27-member bloc is failing to invest adequately in joint military projects and missing the chance to build up its own defense industry.

Written by former Italian Prime Minister and European Central Bank President Mario Draghi, the report highlights Europe’s insufficient spending on research and development for defense.

“Europe is squandering its collective resources,” the report states. “We have significant spending power, but we dilute it across multiple national and EU initiatives.” The report calls for a major overhaul of the bloc’s industrial strategy to strengthen the …