EU announces €150 billion defense debt plan (VIDEO)

European Commission President Ursula von der Leyen has announced €150 billion ($158 billion) in available loans for the bloc’s defense industry. 

The so-called “ReArm Europe” project is aimed at making the EU “safer and more resilient,” von der Leyen claimed in a speech on Tuesday.

“This is a new instrument. It will provide €150 billion of loans to member states for defense investment,” she stressed.

The EU needs to start “spending better and spending together” on developing its military capabilities because “we are living in dangerous times. Europe’s security is threatened in a very real way,” the head of the European Commission’s head claimed.

According to von der Leyen, the loans should allow member states to expand “pan-European capabilities” in such areas as air and missile defense, the production of missiles and ammunition, the manufacture of drones and anti-drone systems, cybersecurity, military mobility and others.

“Europe is ready to massively boost its defense spending, both to respond to the short-term urgency to act and to support Ukraine, but also to address the long-term need to take on more responsibility for our own European security,” she said.

The European Commission’s head also proposed to lift limits imposed by EU rules on government spending with regards to defense investments and allow member states to use money they receive from Brussels to equalize living standards across the bloc for military purposes. Those measure could provide the EU nations with up to €800 billion to spend on defense projects, she argued.

The EU leaders are scheduled to discuss von der Leyen’s proposals at a special summit on Thursday.