United States: As President Donald Trump halted Ukrainian financial support and peace talks failed to proceed, the European Union announced a USD 840 billion defense spending initiative.
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According to EU Commissioner Ursula von der Leyen, “I do not need to describe the grave nature of the threats that we face or the devastating consequences that we will have to endure if those threats would come to pass.”
She said that she had written a letter to all European government heads to explain her “rearm Europe strategy” through her written “set of proposals.”
She also mentioned that “A new era is upon us” in the letter, as Fox News reported.
The plan, in detail, noted: “how to use all the financial levers at our disposal in order to help member states to quickly and significantly increase expenditures in defense capabilities, urgently now, but also over [a] longer period of time, over this decade.”
EU member states could access financial loans consisting of up to USD 158 billion from the proposal for defense investments.
The proposal seeks to modify previously established defense spending debt restrictions, which member states of the bloc previously agreed to.
What more had the plan noted?
“This will allow member states to significantly increase their defense expenditures without triggering the excessive deficit procedure,” the EU commissioner noted while referring to the rule that requires nations to bring their deficits down if they breach a certain amount.
The proposal also takes into account using the existing EU budget to “direct more funds towards defense-related investments.”
“With this equipment, member states can massively step up their support to Ukraine. So, immediate military equipment for Ukraine,” she mentioned.
The plan for new defenses emerges as the United States readjusts European relations while Republican conservatives press Trump to start the US withdrawal from NATO, reported Fox News.
Leaders from Europe gathered in London during the weekend for an urgent meeting to develop assistance for Ukraine because Trump’s Oval Office meeting with Zelenskyy stopped Ukrainian peace talks instantaneously.
Additionally, at that summit, European leaders discussed ways to keep military aid flowing, increase economic pressure on Russia, and establish a “coalition of the willing” of European nations being ready to offer forces to act as a safeguard against another invasion by Russia once the two sides reach a peace agreement.