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EU Chief Calls for €500 Billion Defense Investment Over Next Decade
EU countries have boosted their defence spending since Russia annexed Crimea in 2014, with further acceleration after the invasion of Ukraine in 2022
EU chief Ursula von der Leyen announced on Thursday, June 28, that the bloc must invest 500 billion euros ($535 billion) over the next decade to strengthen defences.
Von der Leyen estimated that an “additional 500 billion euros” in defence investments are needed over the next ten years but did not provide detailed specifics.
“We didn’t see spreadsheets or details; this is pie-in-the-sky money,” commented an EU diplomat.
How will the EU finance this investment? It remains unclear. Options include national spending or joint EU defense bonds. Some countries, such as France and Estonia, support eurobonds, while Germany and the Netherlands oppose them.
“None of these options are easy, but all must be seriously considered with political will,” said von der Leyen.
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