In a significant move, European Commission President Ursula von der Leyen has unveiled an ambitious €800 billion- ($843 billion) bid to boost Europe’s military capabilities, to deal with heightened security risks and a U.S. decision to cut off military aid to Ukraine.
The total strategy, termed ‘ReArm Europe,’ is meant to send emergency help to Ukraine as well as improve the EU’s long term defense in the future. The announcement comes as U.S. President Donald Trump has recently gone on an aid freeze spree, causing Europe to worry about their reliance on U.S. military aid.
“Today we are facing a security issue on a scale of decades, possibly of the century,” von der Leyen declared, underlining the need for coordinated European response. The plan, which is due to be discussed at the March 7 summit, aims to soften the budget rules so that EU countries’ defence spending can be above the cap on total government deficit at 3% of GDP. Just that measure by itself could unleash around 650 billion. 
Also, a new € 150 billion loan facility will be provided to support targeted defence investments. Other essential changes would be to reallocate cohesion funds for defence purposes and to liberalise defence borrowing through the European Investment Bank.
Although the plan has been endorsed by several EU countries, it will still need weeks or months to be implemented, according to experts. But as Washington increases pressure, it looks like they are on the verge of speedy defense capabiltiy building to meet emerging threats.
The Brussels summit will put the finishing touches on key key commitments determining the future of Europe’s foreign and security policy in a world of geopolitical turmoil.
