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EU Commission: ReArm Europe, “with this plan more weapons to Ukraine”. Mobilising public and private capital

Among the stated objectives of the European Commission’s ReArm Plan is an increase in military support to Ukraine. This is what Ursula von der Leyen explained as she outlined the plan. “This approach of joint procurement” of war material will “reduce costs, reduce fragmentation, increase interoperability and strengthen our defence industrial base”. The third point of ReArm is to use “the power of the EU budget. There is a lot that we can do in this domain in the short term to direct more funds towards defence-related investments. This is why I can announce that we will propose additional possibilities and incentives for Member States that will decide, if they want to use cohesion policy programmes, to increase defence spending”. It is about moving from territorial and social cohesion to armaments. “The last two areas of action aim at mobilising private capital by accelerating the Savings and Investment Union and through the European Investment Bank”. “To conclude: Europe – the President of the Commission said – is ready to assume its responsibilities. ReArm Europe could mobilise close to EUR 800 billion for a safe and resilient Europe. We will continue working closely with our partners in NATO”.

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