MNI ANALYSIS: ReArm (or Don't ReArm)

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• Last week EC President von der Leyen set out the ReArm Europe plan, noting that it could “mobilise close to” E800bln across four years. However, we don’t think the E800bln number is a realistic aim.
• In fact, the more we look into the details, the less impressive we think the final spending numbers will be (and we think that much of the E650bln EDP easements will not be used).