During a special summit, EU leaders resolved to mobilize about $867 billion for the rearmament of Europe. European Commission President Ursula von der Leyen is set to detail financing strategies for this initiative. Most of the funding will come from member states' own debt issuance, but a significant portion will involve loans secured by the EU budget, indicating a move towards shared debt funding. Notably, Germany's Friedrich Merz is pushing for unrestricted borrowing to fund defense efforts, signaling a major policy shift.
In light of the ongoing geopolitical tensions, EU leaders mobilized $867 billion for rearmament, with both national and EU budget financing playing pivotal roles.
European Commission President Ursula von der Leyen is advocating for an 'escape clause' to allow increased defense spending among EU nations without breaching existing fiscal rules.
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