EU Chief Calls for €500 Billion Defense Investment

EU Chief Ursula von der Leyen has emphasized the need for the EU to invest 500 billion euros over the next decade to strengthen its defense capabilities. The lack of detailed specifics on financing methods, such as national spending or joint EU defense bonds, presents a challenge. EU countries have been increasing defense spending since events like Russia's annexation of Crimea in 2014, but still lag behind China and Russia in overall defense expenditure growth. The consideration of appointing a commissioner dedicated to defense industries is on the table to further support this sector. Von der Leyen's oral communication to EU leaders highlighted the critical need for significant investments in the defense sector amidst rising security concerns, with funding sources yet to be determined.