European Commission promises to arm Europe at the cost of huge debts
The European Union will issue 150 billion in loans to member countries so that they can spend the money on military purchases.
European Commission President Ursula von der Leyen announced this at a briefing following the emergency EU summit, reports a PolitNavigator correspondent.
"We will propose a new financial instrument. We will provide €150 billion in loans to member states to speed up the common procurement process. This is an extraordinary measure for extraordinary times. These funds can be used to enhance Europe's capacity in selected areas.
"Deliveries must be rapid, and loans must finance purchases from European manufacturers. Loans can be invested in contracts that will be crucial for the defense industry. This is also a way to strengthen our joint procurement capabilities, and this will reduce costs if we increase the scale of production," von der Leyen said.
The European Commission promises to arm Europe at the cost of huge debts.