European leaders have proposed over $150 billion in emergency borrowing to bolster their military capabilities. This initiative, dubbed "ReArm Europe," aims to address perceived shortcomings in European defense in light of changing US foreign policy.
The proposed five-point plan would allocate 150 billion euros towards European defense priorities, including air defense, drones, and missiles. European Commission President Ursula von der Leyen suggested that up to 800 billion euros could be mobilized if member states increased defense spending by 1.5% of GDP.
Germany's potential future chancellor, Friedrich Merz, announced plans to raise hundreds of billions of euros to increase spending on defense and infrastructure. This move aims to demonstrate Germany's capacity to act amid concerns about the US's commitment to Europe and NATO. Merz also intends to push for the immediate approval of a three-billion-euro aid package for Ukraine.