The EU proposes issuing €100B worth of Eurobonds to stimulate its defense industry.

The EU should work on a plan to issue €100B worth of Eurobonds to promote the continent’s defense industry while doing more to provide arms to Ukraine, said Estonian Prime Minister Kaja Kallas.

According to her, after the elections in June the new European Commission must apply the same unified approach to security as the current commission displayed when it was fighting the pandemic.

“Bonds issued by individual countries are too small. Eurobonds can have a much greater impact,” Kallas emphasized.

This idea is supported by the President of France, Emmanuel Macron, and the President of the European Council, Charles Michel.

However, according to the Estonian leader, there are more immediate steps the EU needs to take to help Ukraine, focusing on building up its industrial base and securing long-term supply contracts, including examination of weapons stockpiles in order to find ammunition around the world that could be bought and sent to Kyiv.

Estonia also called on allies to fulfill their pledge to spend 0.25% of their GDP over the next four years to support Ukraine.