European Commission President Ursula von der Leyen presented a plan for the "rearmament of Europe", which will allow to mobilise nearly 800 billion euros for defence and to provide immediate aid to Ukraine.

She told the press that this plan, known as the "rearmament of Europe", would have the capacity to "mobilise almost €800 billion in armaments spending for a secure and sustainable Europe", AFP reported.

"A new era has dawned," the European Commission president said in a letter presenting the plan to EU leaders, two days before a summit aimed at cementing joint action to support Ukraine and European security in the longer term.

"Europe is facing a clear and present danger on a scale none of us has seen in our adult lives," she wrote while outlining options for funding the European defence surge.

"ReArm Europe could mobilise nearly €800 billion of defence spending for a secure and resilient Europe," von der Leyen said in Brussels as she outlined the contents of her plan.

The first part includes a proposal for the EU to suspend strict budgetary rules to allow member states to increase their defence spending.

"This will allow member states to significantly increase their defence spending without triggering the excessive deficit procedure," she said, referring to the procedure that forces governments to reduce deficit levels if they break the rules.

The second proposal would be a new "facility" that would provide €150 billion in loans to member states for defence investment.

"Basically it is about better spending - and joint spending," von der Leyen said. 

"We are talking about pan-European areas of capability -- for example: air and missile defence, artillery systems, missiles and munitions, drones and anti-drone systems," she added.

"With this equipment, member states can massively increase their support to Ukraine. So, immediate military equipment for Ukraine," the European Commission's spokeswoman said.

The third component would involve using the existing EU budget "to channel more funds into defence-related investments".

This would involve allowing member states to redirect so-called "cohesion" funds - aimed at helping poorer European countries develop - and use them for defence.

The final two areas of action would include the bloc's lending body, the European Investment Bank - which EU states want to remove restrictions on lending to defence sector firms - and a savings and investment union to help firms access capital.

US President Donald Trump's direct contact with Russia to end the war in Ukraine has called into question the country's future and left Europe teetering on the sidelines.

The March 6 summit in Brussels - alongside crisis talks over the weekend that also involved Britain and NATO - comes at a time when Europe is considering the stark prospect of the United States withdrawing its long-term support from Ukraine and, more broadly, from its European allies.

"We are living in the most heartbreaking and dangerous of times. This is a moment for Europe and we are ready to step up," von der Leyen concluded.  | BGNES