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EU Proposes €500 Billion Defense Investment Over Decade Amid Russian Threat
Dec 7, 2024, 06:02 AM
The European Union is contemplating a significant increase in defense spending, with a proposed allocation of €500 billion over the next decade to bolster its defense capabilities against threats, particularly from Russia. This initiative comes at a time when key member states like Germany and France are facing political instability and financial constraints. The EU's new defense commissioner is pushing for a 'big bang' in defense investment, aiming to support European defense industries and enhance security. The proposal includes reclassifying defense companies to attract investments from so-called 'green' funds, signaling a shift in the EU's approach to defense financing. Meanwhile, the Labour government in the UK has pledged to increase defense spending to 2.5 percent of GDP, although the timeline for this increase remains unspecified, reflecting broader discussions on defense spending across Europe.
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