The European Commission is proposing a strategic defense spending surge aimed at bolstering Europe's military capabilities in light of current threats. President Ursula von der Leyen outlined a plan for nearly 800 billion euros in defense expenditures, which includes suspending strict budget rules to allow member states to increase defense spending without penalties. Additionally, a new funding instrument could provide 150 billion euros in loans specifically for defense investments, alongside redirecting existing EU funds towards military enhancement, particularly for supporting Ukraine.
A new era is upon us," the European Commission president said in a letter, emphasizing the need for heightened defense spending in Europe due to unprecedented threats."
With this equipment, member states can massively step up their support to Ukraine, as immediate military assistance is a crucial component of the proposed plan."
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