....only TEN MILLION EUROS allocated for equipment purchase! Believe me, that's not gonna buy a lot of defence for the EU.

EDA is not a money spending institution: for defence it's still the national governments who pay the bills.

EDA has a managing function, they do oversee billions of Euro's.
But the first steps to 'spend together' are set:
EDA : Background : Background

The Agency manages a portfolio of over 40 Research & Technology collaborations. The Defence Ministers acknowledged that they need to "spend more" and spend "more together" on Research and Technology. As a practical first step towards this goal, in November 2006, a ground-breaking Joint R&T Investment Programme has been approved, with the aim to develop new technologies helping to provide better protection for the European armed forces. 20 governments pledged a budget of more than € 55 Mio into it.