Galileo is a global navigation satellite system (GNSS) currently being built by the European Union (EU) and European Space Agency (ESA). The €3.4 billion project is an alternative and complementary to the U.S. Global Positioning System (GPS) and the Russian GLONASS. On 30 November 2007 the 27 EU transportation ministers involved reached an agreement that it should be operational by 2013
more on this from Wikipedia http://en.wikipedia.org/wiki/Galileo_positioning_system
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