European countries are stepping up their defence spending, driven by the ongoing war in Ukraine and uncertainty about how much support they’ll continue to get from the US. Following a crucial meeting in London, several countries have committed to boosting their military budgets significantly. With rising security worries, European leaders are pushing for stronger defence collaboration.
European Commission President Ursula von der Leyen stressed that Europe urgently needs to “rearm.” She said Europe needs a massive surge in defence. She highlighted that Europe wanted lasting peace, but “it can only be built on strength.” The commission president revealed she’s planning to share more about improving Europe’s defence industry and military capabilities with EU member states soon.
The meeting involved 18 allies and came right after US President Donald Trump publicly attacked and tried to humiliate Ukrainian President Volodymyr Zelenskyy.
French President Emmanuel Macron has been vocal about the need for increased military spending, urging European countries to raise their defence budgets to at least 3 to 3.5% of GDP, suggesting that France allocate 5% of its GDP to defence. “We should have woken up earlier,” said Macron, highlighting the need for a more united and independent Europe.
The UK, Germany, and Denmark also want to ramp up defence investments. British Prime Minister Keir Starmer promised to increase defence spending to 2.5% by 2027.
This spike in military spending has sent European defence stocks soaring. Shares of the French defence company Thales, BAE Systems and Germany’s Rheinmetall jumped 14% for the two first companies and 12% for the latter.
European states realise they can’t depend solely on the US anymore and need a coordinated European defence strategy. This shift is pushing the development of Europe’s defence capabilities. The European Union needs to be able to look after its defence and strive for independence.
However, despite wanting more autonomy, Europe remains dependent on US support, with thousands of American troops stationed on the continent, providing essential military capabilities, including training and nuclear deterrence.
While European leaders stand by Zelenskyy, they know that real peace and security in Europe rely on the US. UK’s Starmer mentioned that Europe is ready to “do the heavy lifting“ regarding security guarantees for Ukraine. However, he emphasised that “strong US backing“ is still crucial.
Europe also deploys its diplomatic efforts. France and the UK proposed a one-month truce in Ukraine. French Foreign Minister Jean-Noël Barrot mentioned it’s a way to see if Russia is willing to end the conflict. He noted that the first phase wouldn’t involve a Russian troop withdrawal, stating genuine peace talks would only start with proof of goodwill.
Yet, UK officials have been cautious, with Minister Luke Pollard warning that pausing fighting without a “durable and lasting peace” could allow Russia to regroup and attack again later.
European leaders will meet again in Brussels on Thursday, and Zelenskyy is expected to be present.
