On March 4, European Commission President Ursula von der Leyen presented a five-step plan for rearmament of the European Union and support for Ukraine. What is important to understand is that this time we are talking about a record amount - 800 billion euros.
Points of attention
- European Commission President stresses the urgency of immediate rearmament and increased support for Ukraine amidst security threats.
- The plan aims to mobilize around 800 billion euros in defense spending to ensure a secure and resilient Europe.
Details of the EU's new ambitious plan for Ukraine
Ursula von der Leyen draws attention to the fact that Europe's security is indeed under threat and that more needs to be done.
The real question for us is whether Europe is ready to act decisively, as the situation demands. And whether Europe is ready to act quickly.
Ursula von der Leyen
President of the European Commission
Against this background, the politician calls for the immediate rearmament of Europe and increased support for Ukraine.
The first part of the plan is the release of public funds to finance defense at the national level.
According to von der Leyen, EU member states are willing to invest in defense if they have the fiscal space. This could free up to 650 billion euros over four years.
The second element will provide 150 billion in loans to member states for defense investments in air defense systems, artillery systems, missiles and ammunition, drone and anti-drone systems, and joint equipment procurement.
The third part of the plan is to use the power of the EU budget. What is important to understand is that this does not require unanimity, so Hungary or Slovakia cannot block such decisions.
Points 4 and 5 provide for the mobilization of private capital by expanding the investment market and through the European Investment Bank.
The EU is ready to take responsibility. The European Rearmament Plan could mobilise around €800 billion in defence spending for a secure and resilient Europe.
Ursula von der Leyen
President of the European Commission
