The proposal to unleash state funding by triggering emergency measures exempting governments from strict deficit spending rules, calls for member states to up their defense budgets by 1.5% of GDP, equivalent to $683.5 billion over four years, and $157.5 billion in defense investment loans, European Commission President Ursula von der Leyen said in a statement, UPI reported.
Speaking in Brussels after the United States said it was cutting off all military assistance to Ukraine, von der Leyen said events had moved beyond questions of the true threat level facing Europe, or if it should take greater responsibility for its security, to whether it was ready and able to respond "as the situation dictates."
She said the answer from a series of emergency summits in European capitals, most recently in London on Sunday, was unanimous agreement that a colossal increase in defense spending was necessary.
MA/PR
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