The European Commission offers a general defense plan for EUR 800 billion
| The funds will be used to build pan -European defense systems, including air defense and missile defense, artillery systems, missiles and ammunition, drones and antidone technologies, as well as for cybersecurity and military mobility. |
According to the proposal, EU countries will be released from the requirements for budget costs when they invest in defense.
EU leaders will discuss the proposal at a special summit dedicated to defense costs on Thursday.
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The Commission also proposes the removal of restrictions imposed by the EU budget rules on government defense spending.
| « If Member States increase their defense costs by an average of 1.5% of GDP, this could provide an additional EUR 650 billion, » said von der Lyen. |
In addition, it is proposed that EU countries be able to use funds from European funds intended to reduce economic differences between regions.
All these measures could provide a total of up to € 800 billion for investment in defense projects.
« Europe is ready to take responsibility. We can mobilize nearly 800 billion euros for the security and sustainability of our continent. We will continue to work closely with our NATO partners. This is a decisive moment for Europe and we are ready to do the necessary, » von der Layen said.
Since the announcement of the news, the Stoxx Europe Aerospace and Defense Index has increased to 2284.88 points from 2265.36 points.
