BRUSSELS, March 5. /TASS/. The EU defense industry does not have enough funding to produce the required amount of weapons to help Ukraine and meet the needs of European countries, EU foreign policy chief Josep Borrell told a press conference in Brussels.

"Today what we lack is not production capacity, it is financing," he said adding that in the short term the EU has enough production capacity but "funding is fundamental."

According to him, the European Union is in danger, and therefore defense policy must be transferred "from an emergency mode to a medium and long-term vision."

"There is a great sense of urgency to step up our industrial defense capacities," Borrel said.

Borrell recalled that in 2022 EU member countries spent 58 billion euros on the purchase of weapons.

On Tuesday, the European Commission presented the first European Defense Industry Strategy.