EU leaders back "ReArm Europe" plan worth up to 800 billion euros for defence

Leaders of the European Union's 27 members endorsed the "ReArm Europe" plan at an extraordinary summit in Brussels on March 6, which could mobilise up to 800 billion euros for defence. The plan was presented two days earlier by European Commission President Ursula von der Leyen.

It includes a new instrument of 150 billion euros in loans to member states for joint procurement, and activation of the national escape clause from fiscal rules, allowing states to raise defence spending by up to 1.5 percent of GDP without breaching deficit rules. According to the Commission, this could deliver around 650 billion euros over four years.

Ukraine without Budapest

The conclusions on Ukraine were backed by 26 members, without Prime Minister Viktor Orbán's Hungary. Ukrainian President Volodymyr Zelensky attended the summit, days after the US suspended military aid to Kyiv.