European Commission President Ursula von der Leyen proposed on Tuesday a new fund that could mobilize close to €800 billion ($841.5 billion) for defence investments in the European Union, including for military aid for Ukraine.
“We’re living in the most momentous and dangerous of times,” von der Leyen told journalists in Brussels.
Pressure on the EU to significantly increase defence spending and aid to Ukraine intensified further after US President Donald Trump’s administration announced on Monday that it would temporarily suspend US military aid to Ukraine.
“We are in an era of rearmament, and Europe is ready to massively boost its defence spending,” the commission president said.
The money is to be spent on support for Ukraine and to “take on more responsibility for our own European security,” she said.
“This is Europe’s moment and we must live up to it.”
The new fund is part of a proposal von der Leyen pitched to EU countries ahead of Thursday’s special EU leaders’ summit.