Europe

Germany to Boost Military Spending in Latest Historic Shift

Chancellor surprised critics with moves on weapons and SWIFT
Germany may be transitioning to a more assertive global role

WATCH: Scholz speaks about sending weapons to Ukraine and plans for a massive boost in defense spending.Source: Bloomberg

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By Birgit Jennen, Alexander Pearson, and Arne Delfs

February 27, 2022 at 9:47 AM UTC

Updated on

February 27, 2022 at 3:24 PM UTC

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Chancellor Olaf Scholz announced plans for a massive boost in defense spending in the latest historic policy shift in Germany triggered by Russia’s invasion of Ukraine.

Germany will channel 100 billion euros ($113 billion) this year into a fund to modernize the military, Scholz said Sunday in a speech to a special session of the lower house of parliament. By 2024, the government will spend at least 2% of gross domestic product each year on defense, he added, in line with a NATO target that Berlin has consistently failed to meet.