The Wall Street Journal says Europe will launch its first two navigation satellites in October as the EU's long-delayed Galileo project is now running on schedule and saving money.

"We are aiming at savings and we have already made savings," European industry commissioner Antonio Tajani said on Monday.

Two satellites are going to be launched 20 October and this is already a sign that "things are pressing ahead very successfully," he added.

Tajani did not say how much money has been saved in the Galileo satellite navigation system project, the cost of which, until 2013, was estimated at €3.4bn.

He said he would have more details in a few weeks once the last contracts for the programme's development were signed.

The paper says Galileo will be publicly funded after private aerospace and defence companies, the initial financiers, doubted its profitability and backed out.