Following the Foreign Affairs Council that took place in Brussels on 6 March 2018, the Council adopted a roadmap for the implementation of the Permanent Structured Cooperation (PESCO) including a list of projects in the areas of common training and exercises, operational domains and joint and enabling capabilities. These projects will be implemented by participating Member States excluding Denmark, the UK and Malta.
Some of the capabilities generated through PESCO will be financially supported through the European Defence Fund, set up by the European Commission, especially the industrial development and research activities. Together with Member States' contributions to finance joint development projects, the Fund could generate a total investment in defence research and capability development of €5.5 billion per year after 2020.
On top of that HR/VP Mogherini announced the European Peace Facility, an EU instrument with global scope to finance military and defence related expenditures thus allowing the EU to provide support, capacity building and assistance to its partners' armed forces which could also be extended to cover ourmilitary operations.
The European Commission is due to present its proposal for the next EU Multiannual Financial Framework 2021-2027 in May 2018 which will have tremendous implications on the functioning and the dimension of the different EU funding instruments.