The President of the European Commission has said that Europe is ready to "massively" increase its defense spending and that the Union is in an "era of rearmament."
According to foreign media, Ursula von der Leyen says she has written a letter to European leaders and is outlining a five-point plan for rearmament of Europe:
Leaving aside the use of public funds for defense, if member states increase defense spending by 1.5% of GDP, von der Leyen says this could create fiscal space of approximately 650 billion euros over four years.
New instrument providing 150 billion euros in loans to member states for defense investments.
Using the power of the European Union budget
Mobilizing private capital through the Savings and Investment Union
Mobilizing private capital through the European Investment Bank
Von der Leyen explains that plans to strengthen Europe's defenses and increase military capabilities could mobilize around 800 billion euros.
"This is Europe's moment and we must live it," she adds, writes A2 CNN. (A2 Televizion)
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