As part of an overall 800 billion financing push to strengthen Europe’s defense capabilities, the European Commission on Tuesday suggested a new joint European Union borrowing of 150 billion euros ($157.76 billion) to be given to EU nations for defense.
With US President Donald Trump’s return to office serving as a harsh reminder that they cannot rely solely on Washington, European leaders are facing intense pressure to boost defense spending.
According to the Commission, the joint borrowing would be used to develop pan-European capability domains such as drones and anti-drone systems, artillery systems, missiles and ammunition, air and missile defense, or to address additional demands ranging from cyber to military mobility.
“It will assist Member States in combining their purchasing power and demand. This will lower expenses and lessen the rise in fragmentation.
