European Commission President Ursula von der Leyen has presented a new European Union defense plan, which envisages mobilizing €800 billion to strengthen the blocʼs military capabilities.
She spoke about him in Brussels.
Ursula von der Leyen stressed that Europe must take more responsibility for its own security and “re-arm”. This refers to a set of tools to use European financial and industrial capabilities to help EU member states strengthen their defense capabilities now and for the rest of the decade.
Brussels will propose creating a new instrument to lend to member states for €150 billion in defense investments. This approach would also help strengthen support for Ukraine.
States will be able to spend money on air and missile defense, artillery systems, missiles and ammunition, drones and anti-drone systems, etc. This will allow for pooling demand and placing joint orders.
European Commission President Ursula von der Leyen said the EU would also propose activating a financial emergency that would allow countries to spend an additional €650 billion on defense over four years. This means that states can increase their military spending without risking fines for violating EU financial limits.
The plan also includes attracting private capital. This can be achieved by creating a Savings and Investment Union and using the European Investment Bank.
Ursula von der Leyen has sent a letter to EU member states outlining possible options for strengthening national defense in the near future. European leaders will discuss the proposal at an emergency meeting on March 6.
Before presenting the plan, the European Commission President stressed that the EU must “urgently” rearmament and help Ukraine turn into a “steel porcupine” that would prove “indigestible for future invaders” such as Russia.
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