The Council of the EU tops up the European Peace Facility financial ceiling by an additional €3.5 billion
On 26 June, 2023, EU ministers adopted a decision to raise the financial ceiling of the European Peace Facility (EPF) by an additional €3.5 billion. This is the second top-up in only six months, with the first one (worth €2 billion) being agreed upon on 12 December, 2022 (Council of the EU, 2022) and operationalised on 13 March this year. As commented upon by the High Representative for Foreign Affairs and Security Policy Josep Borrell, this step provides the Union with the necessary funding to remain steadfast in “delivering concrete military support to our partners’ armed forces” (Council of the EU, 2023).