The European Union unveiled a plan on Tuesday to boost member states’ defense spending amid an “era of rearmament.”
The ReArm Europe plan could unlock 800 billion euros (about $840 billion) in funds, said European Commission president Ursula von der Leyen.
The announcement followed reports late Monday that President Donald Trump had ordered a pause in US military aid to Ukraine after a fiery Oval Office meeting with President Volodymyr Zelenskyy.
European leaders met in London on Sunday for an emergency summit on Ukraine. Many defense commentators believe it will be difficult for European states to fill the US-sized gap in military support.
The EU plan focuses on ways to help member states unlock funding for defense spending, for both the “immediate” defense of Ukraine and in the long term, von der Leyen said.
They include suspending the Excessive Deficit Procedure — a mechanism that normally prevents member states from going into major deficits.
Low-cost loans worth 150 billion euros will be available to let governments “pool demand” and jointly purchase air and missile defense and artillery systems, missiles and ammunition drones and anti-drone systems, as well as cyber capabilities.
“The question is no longer whether Europe’s security is threatened in a very real way, or whether Europe should shoulder more of the responsibility for its own security,” von der Leyen said. “In truth, we have long known the answers to those questions.”
The plans did not address the EU’s defense production capacity, or the question of seizing frozen Russian assets worth more than $200 billion. Some European leaders are warming to the idea to help defend Ukraine.
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