As all ice in chains said, it really depends. The big lesson the soviets learned in the early five year plans (a lesson which they forgot under khrushchev) is that a plan without coercion, without penalties if the plan isnt fulfilled, is no plan at all, its merely a suggestion.

So the question is does the EU as a whole, or any of its member states, have the ability to make economic plans that are more than suggestions? Idk enough about euroland to say, but over here it very much seems like the government of the US and Canada lack the ability or will to use such coercive powers against the large corporations

That said, the lack of crucial resources for the war industry means even if the could plan, their rearmament will probably hit a brick wall