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European Commission proposes €800 billion defense spending plan

EC President Ursula von der Leyen (Photo by Christophe Licoppe / European Union via WikiCommons, CC 4.0)

European Commission President Ursula von der Leyen on Tuesday unveiled a five-part "Rearm Europe" plan to mobilize €800 billion to enhance Europe's defense capabilities and provide military aid to Kyiv.

Firstly, she proposed a new financial instrument worth €150 billion to provide EU member states with loans backed by the EU budget for defense-related investments.

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