The chief of the European Union's executive on Tuesday proposed an 800 billion-euro ($841 billion) plan to beef up the defenses of EU nations, aiming to lessen the impact of potential U.S. disengagement and provide Ukraine with military muscle to negotiate with Russia following the freeze of U.

The euro hit a fresh year-to-date high versus the greenback amid renewed bets that a ramp-up in European defense spending will provide a much-needed boost to the region’s economy.

European Union commissioner unveils new plan to spend $840 billion more on its own defense as U.S. support for Ukraine falters.

The European Commission's president, Ursula von der Leyen, presented a five-point plan to arm Europe in response to the changing security situation in the region. In a conversation, Aleksandra Kozioł,