European Commission President Ursula von der Leyen announces an investment of 800 billion for European defense. "We live in dangerous times, Europe's security is seriously threatened, the question now is whether we will be able to react with the necessary speed," she said while presenting - two days before the extraordinary summit on defense that will be held on Thursday 6 March - the ReArm Europe plan.
"We will propose to activate the national safeguard clauses" of the Stability Pact to support defense, he explained at a press conference. "If member states increased their defense spending by 1.5% of GDP on average, this could create a fiscal space of around 650 billion euros over a period of four years. " And then the EU "will provide 150 billion euros in loans to member states for defense investments" for a total of 800 billion.
"Europe is ready to assume its responsibilities," he added. "Rearm Europe could mobilize around 800 billion euros in defense" in Europe, "for a safe and resilient Europe ." "We will of course continue to work closely with our partners in NATO. This is Europe's moment and we are ready to step forward," he emphasized.
On the 150 billion, the President of the European Commission explained that "it is fundamentally about spending better and spending together. We are talking about pan-European capability domains such as air and missile defense, artillery systems, missiles and ammunition, drones and anti-drone systems. But also about meeting other needs from cyber mobility to military mobility. This will help member states to pool demand and buy together. And of course with this equipment member states can significantly increase their support to Ukraine. This joint procurement approach will also reduce costs, fragmentation, but increase interoperability and of course strengthen our defense industrial base".
(Online Union)