Thank you, Chair, dear Members.

First, thank you for your invitation today.

Europe faces significant security threats. We must take more responsibility for our own defense.

To rebuild Europes defense capabilities and boost the defense industry, urgent investment is needed.

The Commissions ReArm Europe/Readiness 2030 initiative aims to mobilize €800 billion for defense investment.

Key proposals include the national escape clause activation, a €150 billion Security Action for Europe (SAFE) loan instrument, and better private financing channels.

The national escape clause allows Member States to increase defense spending without immediate fiscal adjustments.

Russias aggression against Ukraine justifies this exceptional measure.

The clause will be limited by scope, duration, and volume to ensure fiscal sustainability.

Europe must increase defense capabilities to secure its future.

Coordinated defense spending can enhance security, competitiveness, and economic growth.

The SAFE instrument will support these goals.

I welcome your questions and comments.

Thank you.