The initiative, known as "ReArm Europe," is designed to mobilize approximately €800 billion ($841.5 billion) to enhance military readiness across EU member states, reports DW. The plan was presented ahead of the March 6 emergency summit of EU leaders, which follows a recent London meeting addressing European security fears in light of the Trump presidency.
Von der Leyen outlined a multi-step framework that prioritizes increased defense investment, both at the national and EU levels. The first step involves directing public funds toward strengthening military capabilities. She said that EU countries are prepared to raise defense spending and proposed measures to bypass existing financial restrictions to facilitate these investments, says the Ukrainian World Congress.
The second step includes the creation of a new financial instrument to provide EU nations with loans specifically for defense-related expenditures. “With this equipment, member states can massively step up their support to Ukraine. Immediate military equipment for Ukraine,” von der Leyen stated.
The third component of the plan seeks to utilize the EU budget to further support defense investments. The remaining two steps involve expanding defense-related investment opportunities and leveraging the European Investment Bank to facilitate additional funding for military projects.
The proposal is now set for discussions within EU institutions, including the European Commission, the European Council, and the European Parliament. Its approval will require backing from a majority of EU member states.
The upcoming emergency summit of EU leaders is expected to focus on establishing a long-term security framework for Europe. Meanwhile, discussions are ongoing regarding the potential use of €200 billion in frozen Russian assets. According to reports, France and Germany, previously opposed to full asset confiscation, are now exploring possible measures alongside the UK and other nations.
