European Commission unveils 800-billion-euro defence plan

The European Commission has unveiled a new proposal aimed at strengthening the defence capabilities of the European Union, offering a robust financing plan that totals 800 billion euros (via Reuters).

The plan includes a new 150 billion-euro joint borrowing initiative designed to help European Union member states bolster their military forces, with a focus on air and missile defence, artillery, drones, and even cyber security.

By pooling resources, the Commission hopes to reduce costs, improve military cooperation, and enhance Europe's overall defence industrial base. Ursula Von der Leyen emphasised the importance of this proposal, suggesting it could lay the groundwork for a safer, more resilient Europe.

This plan, combined with other reforms to free up fiscal space for military spending, is set to take centre stage at the upcoming European Union summit, where leaders will discuss its potential impact. For now, it remains to be seen how member states will react to this ambitious proposal.