Von der Leyen announced a €800 billion re-equipment for the EU
Political
Before the EU's extraordinary summit, European Commission President Ursula von der Leyen proposed a large-scale plan to rearm Europe for 800 billion euros.
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According to the initiative, EU member states will be able to mobilize up to 800 billion euros for defense. This step was a response to the suspension of US military aid to Ukraine and growing security threats.
Of the total amount, 650 billion euros are planned to be allocated from national budgets, and another 150 billion euros will be attracted as loans for the production of air defense equipment and weapons. For this, the EU can ease fiscal rules by allowing countries to increase defense spending by an additional 1.5% of GDP.
However, the plan may face resistance: Hungary and Slovakia threatened to veto new military obligations.
The issue of defense financing will be a key topic at the EU summit on March 6, and a final decision on the new level of NATO spending may be made in June.
Of the total amount, 650 billion euros are planned to be allocated from national budgets, and another 150 billion euros will be attracted as loans for the production of air defense equipment and weapons. For this, the EU can ease fiscal rules by allowing countries to increase defense spending by an additional 1.5% of GDP.
However, the plan may face resistance: Hungary and Slovakia threatened to veto new military obligations.
The issue of defense financing will be a key topic at the EU summit on March 6, and a final decision on the new level of NATO spending may be made in June.
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