The leader of Germany's conservative CDU and the party's candidate to run for chancellor stated on Tuesday that Germany should first focus on meeting existing NATO defense spending targets before considering any additional increases. Friedrich Merz emphasized, "For the next three to four years, we will have to focus on reaching at least 2%, where we currently see a funding gap of 30 to 40 billion euros per year that we need to address."
Germany, which is set to hold general elections on Feb. 23, is aiming to meet NATO's target of spending 2% of its gross domestic product on defense by 2024, assisted by a 100 billion euro ($104 billion) special fund that will be depleted by 2028.
Incoming U.S. President Donald Trump has proposed a new NATO spending target of up to 5% of GDP.
(Conversion rate: $1 = 0.9647 euros)