EU chief proposes plan to 'urgently' increase defense spending by mobilizing around $840 billion

European Commission President Ursula von der Leyen announced new plans for the European Union to increase defense spending by potentially mobilizing 800 billion euros, aiming to boost European security and support Ukraine. The “ReArm Europe Plan” includes 150 billion euros in loans for member states to invest in defense capabilities, such as air and missile defense, artillery systems, and cyber capabilities. The proposal will be discussed at a meeting of EU leaders in Brussels, amid pressure to increase defense spending following recent events in Ukraine.

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