BERLIN, February 14. /TASS/. German Chancellor Olaf Scholz called for a significant increase in defense spending so that Europe would remain an equal ally of the US.
"In order for Europe to be and remain an equal ally of the US, we must do much more for our security so that we can continue to live in peace. How much more we need to spend on our defense must be determined by what capabilities we need to protect Germany and NATO from any possible attack. There is no doubt that our defense spending must continue to grow significantly," Scholz told reporters in Berlin.
According to the German Chancellor, in order to reach NATO's target of 2% of GDP, additional 30 billion euros should be allocated from the federal budget from 2028.
"Every additional percent that we spend on our defense is currently equivalent to another 43 billion euros. These are huge amounts," he stated.
Scholz added that by the end of this decade, one can speak about hundreds of billions of euros.
Scholz also added that he will push a discussion within the European Union on how to actually achieve investments in defense and the development of a strong European defense industry. "It is important to quickly achieve effective results," Scholz concluded.
US President Donald Trump reiterated his intention to ensure that NATO member states increase their defense spending to 5% of their GDP. The goal of increasing military spending to 2% of GDP was set by NATO countries at the Wales summit in September 2014, citing the "Russian threat." This happened after the reunification of Crimea with Russia. In July 2023, at the alliance summit in Vilnius, it was decided that 2% of GDP should not be a target, but a minimum level of defense spending for NATO countries.