The European Union is set to raise up to €150 billion in funds to boost military spending, with US security guarantees being scaled back. European Commission President Ursula von der Leyen announced plans to issue bonds through auctions and distribute the funds to member countries for defense purposes, which they will then repay to the EU.
Source: https://www.politico.eu/article/markets-hungry-for-eu-war-bonds-finance-military-spending