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Actually, the EU collectively spends about €200 billion ($271 billion) per year on defense right now; that of course is just about a third of what the US spends, but if Obama pushes the EU to start becoming more active militarily, they are not short of resources to increase it, never mind being able to call on other member states to start pitching in, especially under what they now call “permanent structured cooperation”. The treaties regard the individual militaries of all member states to be the collective EU military, and at the disposal of the EU central government, per Article 42 section 3 of the Treaty of Lisbon.

Member States shall make civilian and military capabilities available to the Union for the implementation of the common security and defense policy, to contribute to the objectives defined by the Council. Those Member States which together establish multinational forces may also make them available to the common security and defense policy.

Member States shall undertake progressively to improve their military capabilities. An Agency in the field of defense capabilities development, research, acquisition and armaments (hereinafter referred to as “the European Defense Agency”) shall identify operational requirements, shall promote measures to satisfy those requirements, shall contribute to identifying and, where appropriate, implementing any measure needed to strengthen the industrial and technological base of the defense sector, shall participate in defining a European capabilities and armaments policy, and shall assist the Council in evaluating the improvement of military capabilities.

No opt-out here. The European Defense Agency has been active since 2004, as well. On top of that, there is also the “solidarity clause” of Article 42, that being in Section 7:

If a Member State is the victim of armed aggression on its territory, the other Member States shall have towards it an obligation of aid and assistance by all the means in their power, in accordance with Article 51 of the United Nations Charter. This shall not prejudice the specific character of the security and defense policy of certain Member States.

Since there are no more “pacifist” member states of the EU, then all of them are obliged to pitch in as the EDA sees fit to command them to do. All it will take is one more attack on EU soil (this clause wasn’t in the Treaty of Nice). And of course, Article 51 of the UN Charter says the following:

Nothing in the present Charter shall impair the inherent right of individual or collective self-defense if an armed attack occurs against a Member of the United Nations, until the Security Council has taken measures necessary to maintain international peace and security. Measures taken by Members in the exercise of this right of self-defense shall be immediately reported to the Security Council and shall not in any way affect the authority and responsibility of the Security Council under the present Charter to take at any time such action as it deems necessary in order to maintain or restore international peace and security.