The European Union is gearing up to significantly strengthen its defense industry and military capabilities. According to EU Commission President Ursula von der Leyen, new plans could mobilize nearly €800 billion ($841.4 billion) to boost Europe’s security.
Speaking on Tuesday, von der Leyen outlined the EU’s proposal, which includes granting member states greater fiscal space for defense investments. The plan also proposes €150 billion in loans specifically for these investments, while seeking to attract private capital to further support the initiative.
“Europe must enhance its defense capabilities to ensure peace and stability,” von der Leyen said. “By investing collectively, we can build a stronger and more resilient defense industry.”
The move comes amid growing global security challenges, highlighting the need for the EU to take a more proactive role in defense. The substantial financial commitment reflects a strategic shift towards unity and cooperation among member states in addressing common threats.
The proposed plans aim not only to increase military capabilities but also to stimulate economic growth within the EU by bolstering the defense sector. By mobilizing both public and private funds, the EU hopes to create a more robust and innovative defense industry.
Member states will now deliberate on the proposals, with discussions expected to focus on the allocation of funds and the coordination of defense strategies.
