EU Chief Unveils 800-Billion-Euro European Defense Plan
European Commission chief Ursula von der Leyen Tuesday presented a five-part plan to mobilize some 800 billion euros for Europe's defense — and help provide "immediate" military support for Ukraine after Washington suspended aid.
"This is a moment for Europe, and we are ready to step up," von der Leyen announced in Brussels. "'ReArm Europe' could mobilise close to 800 billion euros of defense expenditures for a safe and resilient Europe."
She proposed suspending strict budget rules to allow member states to ramp up their spending on defense.
"This will allow member states to significantly increase their defense expenditures without triggering the excessive deficit procedure," she told reporters, referring to a procedure that forces governments to bring deficit levels down if they violate the rules.
Source: HDN
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