Guy in charge of NATO (who is dutch I think) recently said EU would need to move to spending 10% GDP to plausibly not need the us military.
So this is great and all but it's too little too late.
What Mark Rutte has been saying recently is mostly buzzwords for peach daddy's ears (and has been criticises by EU members as it misrepresents our current goals and motivations).
The declared aim of Nato sec-gen is 5%.
The EU and USA have similar total GDP measured by PPP, and USA spends 3.4%. So 10% would be wildly excessive by any measure. In addition the EU has three times the population of the unstated enemy, Russia.
But it's true that this initiative is happening too late.