The European Commission proposed on Tuesday new joint EU borrowing of 150 billion euros ($157.76 billion) 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 is proposing an 800 billion-euro ($841 billion) plan to beef up EU defenses.

European Commission President Ursula von der Leyen said the massive ‘ReArm Europe’ package will be put to the 27 EU leaders.