In a significant move to bolster Europe's defense infrastructure, EU Commission President Ursula von der Leyen announced on Tuesday that the European Union aims to mobilize nearly €800 billion ($841.4 billion) to strengthen the continent's defense industry and enhance military capabilities.
Von der Leyen revealed that the EU will propose measures to provide member states with greater fiscal space for defense investments. This initiative includes offering €150 billion in loans specifically designated for these investments, alongside efforts to attract private capital. These steps are part of a broader strategy to ensure that Europe can effectively respond to evolving security challenges and maintain its strategic autonomy.
The proposed financial support underscores the EU's commitment to fostering a robust and resilient defense sector, positioning Europe as a formidable presence on the global stage.
Reference(s):
EU defense plans could mobilize 800 billion euros, von der Leyen says
cgtn.com
