Germany to Make Constitutional Change to Accommodate €100 Billion Defense Budget
- May 30, 2022
- Posted by: Quatro Strategies
- Category: Defense
Germany’s Ministry of Finance announced a constitutional change will be made to allow the country to set out a credit-based special defense fund of €100 billion proposed after Russia’s invasion of Ukraine.
Both the German coalition of Social Democrats (SDP), Greens and Free Democrats (FDP) and its center-right opposition said they reached a two thirds majority to exempt the defense budget from a constitutional debt brake.
The negotiations have been held by FDP leader Christian Lindner, SPD’s Defense Minister Christine Lambrecht, Greens leader Annalena Baerbock and the opposition’s vice whip Mathias Middelberg.
Europe’s biggest economy plans to use the money over several years to increase its regular defense budget of around €50 billion and meet the NATO defense spending target of 2% of GDP.
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