European Commission President Ursula von der Leyen has proposed a new common instrument to boost military spending across the EU, aiming to increase defense spending by up to €800 billion over the coming years. The plan includes allowing EU countries to draw on €150 billion in loans as part of a five-part strategy.
Source: https://www.politico.eu/article/ursula-von-der-leyen-proposes-new-150b-common-defense-fund-military-spending