The European Union has proposed a new plan to boost its defense spending by $840 billion, amid the US aid pause to Ukraine and stalled peace negotiations between Ukraine and Russia. The plan aims to strengthen member states’ defense capabilities and provide loans of up to $158 billion for defense investment.
EU Commissioner Ursula von der Leyen outlined the proposal in a letter to heads of state, stating that “a new era is upon us” and calling for increased defense spending. The plan involves relaxing strict debt ceilings on defense spending and using existing EU budget funds for defense-related investments.
Von der Leyen also emphasized the need for immediate military equipment for Ukraine, which would be made possible with the proposed funding. European leaders held an emergency summit to discuss ways to support Ukraine, including keeping military aid flowing and increasing economic pressure on Russia.
French National Rally leader Marine Le Pen criticized the US decision to pause aid as “brutal” and “cruel,” while EU leaders remained committed to supporting Ukraine. The proposal outlines a comprehensive plan for EU defense spending, which will be reviewed by member states over the decade.
Source: https://www.foxnews.com/politics/eu-weighs-840-billion-plan-rearm-europe-after-us-pauses-ukraine-aid