The European Union is preparing for an 800 billion euro armament plan. As part of the project, 150 billion euros in credits will be allocated to member states for defense investments. Ursula von der Leyen, President of the European Commission, introduced the EU’s new defense package and rearmament plan. Emphasizing that important and dangerous times are being experienced, von der Leyen warned that without being prepared, destructive consequences could be faced. Speaking at a press conference in Brussels, von der Leyen highlighted that Europe’s security is genuinely under threat and that Europe must take on more responsibility for its own security. Stressing the importance of Europe taking decisive and swift action, von der Leyen stated, “We are in the era of rearmament. Europe stands ready to significantly increase defense spending.” She urged Europe to consider urgent needs in the short term, continue support for Ukraine, and take greater responsibility for its security in the long run. Therefore, she explained that she sent a letter to leaders ahead of Thursday’s EU Summit summarizing Europe’s rearmament plan. Von der Leyen mentioned that her letter outlined a series of proposals focusing on how to use all available financial tools to help member countries rapidly and significantly increase defense spending both urgently and in the long term. Defense spending will be exempted from fiscal rules. Von der Leyen proposed activating a waiver clause in EU fiscal rules and emphasized that an increase in defense spending would not be considered a violation of fiscal rules, allowing countries to comfortably increase defense spending. Von der Leyen evaluated that if EU countries increased defense spending by an average of 1.5% of their GDP, they could create a financial space of approximately 650 billion euros over a four-year period. The second proposal will introduce a new instrument that will provide member countries with a 150 billion euro credit for defense investment. Von der Leyen clarified that this would be related to making joint defense expenditures, including a range of capacities such as air and missile defense, artillery systems, missiles, ammunition, drones, and anti-drone systems across Europe. She stated that this would help member countries consolidate their demands, make joint purchases, and provide urgent military equipment to Ukraine. Von der Leyen indicated that the third aspect of the plan involves utilizing the power of the EU budget to redirect funds to defense investments. She mentioned that steps could be quickly taken to direct funds to defense investments in this area. Von der Leyen explained that she would offer options to member countries, including whether they wanted to use policy programs for increasing defense spending. She stated that they would aim to accelerate efforts to save and invest within the EU for defense contributions, as well as mobilize more private capital through the European Investment Bank (EIB). Von der Leyen emphasized that Europe is ready to take on responsibilities and that Europe’s rearmament plan could trigger approximately 800 billion euros in defense spending. Additionally, an extraordinary EU Leaders Summit on Ukraine and defense will be held in Brussels on March 6th.