European Commission President Ursula von der Leyen has said she would support US President Donald Trump's initiative for Ukraine if it delivered a lasting peace with security guarantees that included a US backstop.
She said recent weeks had been a wake up call for Europe requiring a once-in-a-generation "urgency mindset".
This required "a massive surge in defence expenditure".
The Commission President said she supported making the EU’s fiscal rules more flexible in order to facilitate increased public spending on defence at national level.
In comments circulated to journalists on her return from Kyiv, the Commission President said: "In their darkest hour, Europeans stood with Ukraine.
"We deeply care about Ukraine and the blatant injustice of this war.
"I will never forget standing alongside the body bags of Ukrainian civilians in Bucha."
She said supporting Ukraine was in Europe’s own security interest.
"Thus I support President Trump’s initiative for Ukraine for a lasting peace agreement with security guarantees and with a backstop by the US.
She said the EU had to double down on military and economic support for Ukraine and to increase pressure on Russia to agree to a durable and enforceable peace.
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Russia presents 'clear and present danger' to Europe
President von der Leyen said a revanchist Russia was a "clear and present danger" to Europe.
Russia was outspending the EU in defence, had significantly scaled up its defence industrial capacity and gained battlefield experience in Ukraine.
Europe had under-invested in the defence sector for decades, she said.
A "surge" in defence spending would lead to the much needed consolidation of the European defence industrial base.
"Our initial focus needs to be a massive surge in defense expenditure," she said.
President von der Leyen said she would propose coordinated activations of the so-called National Escape Clause.
Under the EU’s fiscal rules, the escape clause allows for a suspension of the rules due to exceptional circumstances outside the member state’s control which have a major impact on its public finances.
She said: "This would allow significant increases in national defence spending.
"We would make use of the full range of flexibility within the new fiscal framework.
"To ensure fiscal sustainability, it would be done in a controlled and conditional way."
Furthermore, the EU should focus on areas of strategic defence, such as deep-and precision strike capabilities, drones, missiles, ammunition and the military use of AI, she said.
Ms von der Leyen said the EU needs to increase the availability of private financing for defence spending, which would further enable the European Investment Bank (EIB) to lend to member states for defence spending.
