"Europe is ready to massively boost its defense spending," European Commission President Ursula von der Leyen said Tuesday.

Ursula von der Leyen said the measures would allow EU countries to significantly increase their defense budgets and make it easier to provide urgent military equipment to Ukraine.

NATO Secretary General Mark Rutte said that some European leaders had privately set out new plans on defence spending during a meeting in London, but he declined to give details, saying it was for individual leaders to set them out.

The European Union will boost its military capability to defend the continent and continue its steadfast support for Ukraine, said Michael McGrath in an interview with CNA presenter Loke Wei Sue.

The European Commission proposed new joint EU borrowing of 150 billion euros to lend to EU governments for defence as part of an overall 800 billion total financing effort to boost Europe's defence capabilities.

The chief of the European Union’s executive proposes an 800 billion euro ($841 billion) plan to beef up EU defenses to lessen the impact of potential U.S. disengagement and provide Ukraine with military muscle to negotiate with Russia following the freeze of U.

European Commission President Ursula von der Leyen proposed on Tuesday a new fund that could mobilize close to €800 billion ($841.5 billion) for defence investments in the European Union, including for military aid for Ukraine.