EU Commission president says bloc is ready to massively increase defence spending and military capabilities

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New EU plans to strengthen Europe’s defence industry and increase military capabilities could mobilise close to €800bn ($841.4bn), EU Commission president Ursula von der Leyen said on Tuesday in Brussels.

The EU will propose to give member states more fiscal space for defence investments, as well as €150bn euros in loans for those investments, and will aim to mobilise private capital as well, Reuters reports von der Leyen said