The leaders of the 27 European Union states have supported the concept of European Commission President Ursula von der Leyen to strengthen the EU’s defense capabilities, ReArm Europe, and propose that the EU Council urgently consider raising €150 billion in loans for defense procurement.
The European Council’s conclusions on European security on March 6 refer to von der Leyen’s letter to EU leaders, in which she outlined the basic principles of Rearm Europe.
“Building on its previous conclusions and in accordance with the relevant powers conferred by the Treaties and in light of the recent letter from the President of the Commission, the European Council emphasizes the need to continue to substantially increase spending on European security and defense,” the document says.
The European Council also appealed to the Council of the EU with a proposal to urgently consider the possibility of attracting up to 150 billion euros in defense loans from EU states.
“The European Council … takes note of the Commission’s intention to propose a new EU instrument to provide Member States with loans secured by the EU budget of up to EUR 150 billion and invites the Council to consider this proposal as a matter of urgency,” the conclusions read.
The European Council called on the European Commission “to propose additional sources of financing for defense at the EU level, including through additional opportunities and incentives offered to all Member States… and to present the relevant proposals briefly.”.
“The European Council will return to this issue (of European defense—ed.) at its meetings in March and June,” the document says.
Earlier, on March 4, European Commission President Ursula von der Leyen presented the ReArm Europe program, which could mobilize up to 800 billion euros for defense.
