"The new mechanism will allow us to increase military support to Ukraine" - Von der Leyen

European Commission President Ursula von der Leyen on Tuesday proposed a new common instrument to boost military spending across the European Union.

She suggested allowing EU countries to draw on up to €150 billion in loans as part of a five-part plan to scale up defense spending, which would allow EU countries to not only increase their defense spending, but also significantly speed up and increase military supplies to Ukraine.

Von der Leyen sent her proposals to EU countries in a special letter on Tuesday ahead of the EU summit on March 6, which will be dedicated to Ukraine and security in Europe.

"This will help member states pool demand and make joint purchases. And of course, with this mechanism, member states can significantly increase their support for Ukraine, including the immediate delivery of military equipment to Ukraine," she said.