SAFE

Security Action for Europe (SAFE) is a new EU financial instrument to be financed by EU borrowing. The European Commission will be called upon to issue up to €150 billion of funding until the end of the decade to help EU Member States increase expenditure on common defence procurement. 

EU borrowing for the financing of the new programme will enable competitively priced and attractively structured long-duration loans to requesting Member States. The terms of these loans benefit from the EU's strong credit rating, as well as high market demand for EU issuances and their liquidity.

Borrowing operations under the new programme will be integrated in the EU’s existing unified funding approach, alongside the sizable rollover operations for the management of EU’s existing debt. Funds will be raised through the issuance of single branded EU-Bonds and EU-Bills – there will be no issuance of “defence labelled” bonds. Actual funding needs arising from the new programme will be integrated in the Commission's overall bi-annual funding planning.