The European Commission has developed an €800 billion defense investment plan, as announced by European Commission President Ursula von der Leyen. According to the EU official, Europe is ready to significantly increase its defense spending, and the ReArm Europe plan includes short-term priorities, such as supporting Ukraine, while also addressing long-term needs to take on more responsibility for European security, IPN reports.
"Europe is ready to take responsibility. We will continue to work closely with our NATO partners," Ursula von der Leyen stated.
The EU also plans to give member states more fiscal flexibility for defense investments and provide €150 billion in loans for these purposes.
"We are talking about pan-European capability areas. For example: air and missile defense, artillery systems, missile drones, ammunition, and anti-drone systems. But also addressing other needs, from cyber mobility to military mobility," the EU official specified.
"Of course, with this equipment, member states can massively increase their support for Ukraine. So, immediate military equipment for Ukraine," added Ursula von der Leyen.
The plan will be submitted for approval by EU leaders at a special defense summit on March 6.
