EU Commission proposes joint borrowing as part of 800-billion-euro defence plan

The European Commission proposed on Tuesday new joint European Union borrowing of 150 billion euros ($157.76 billion) to lend to EU governments for defence as part of an overall 800 billion financing effort to boost Europe's defence capabilities, Reuters reports.

The joint borrowing would go towards building pan-European capability domains like air and missile defence, artillery systems, missiles and ammunition, drones and anti-drone systems or to address other needs from cyber to military mobility, the Commission said.

EU leaders will discuss the proposal at a special summit devoted to defence spending on Thursday.