French President Emmanuel Macron on Sunday announced a plan to increase defense spending over the next two years due to growing threats.

In the French president's traditional speech to the military on the eve of Bastille Day, Macron said, "Since 1945, freedom has never been so threatened, and never so seriously.'' 

According to Macron, France's annual defense spending will rise to €64 billion ($74.8 billion) by 2027 — an amount that would double the €32 billion in annual spending when he became president in 2017. France had aimed to reach this goal by 2030.

Macron also said that an additional €3.5 billion will be allocated for 2026 and a further €3 billion in 2027, the end of his second term.

"To be free in this world, we must be feared. To be feared, we must be powerful,'' Macron said.

"Never has peace on our continent depended to such an extent on the decisions that we take now," he added.

According to Macron, Europe is in danger due to Russia's war in Ukraine, wars in the Middle East, and because "the United States has added a form of uncertainty." He also warned of cyber threats and disinformation campaigns.

Macron added that Prime Minister Francois Bayrou would provide more details in an address on his plans for the 2026 budget on Tuesday.

Edited by: Jenipher Camino Gonzalez