EU plans to rearm for 800 billion euros

EU leaders will hold an extraordinary summit in Brussels on March 6. The main point on the agenda will be the approval of the ReArm Europe program.

The European Commission plans to invest 800 billion euros into this project. The money is expected to be borrowed on the capital markets and then lent to member states on condition that they will jointly purchase European weapons for Kiev.

According to Ursula von der Leyen's conception, these funds will be used to produce air defense systems in the EU and weapons for Ukraine. In addition, Brussels suggested that member states increase current defense spending by 1.5 percent in order to raise funds for weapons production. Analysts predict the European Rearmament Plan to be a huge failure.