EU Announces €800 billion Plan to Rearm Europe
European Commission President Ursula von der Leyen announced a five-part “ReArm Europe” plan to boost Europe’s defense industry and increase its military capabilities.
The proposal includes easing fiscal constraints on government spending in EU nations to “allow member states to significantly increase their defence expenditures” without crossing budget deficit rules. It also includes loans for defense and involvement of private capital.
The plan is projected to raise almost €800 billion and urgently supply military aid for Ukraine to help compensate for the loss of USA aid.
“If member states increase their defence spending by 1.5% of GDP on average, this could create fiscal space of close to €650bn over a period of four years,” von der Leyen said.
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