Global Instability to Increase German Defense Expenses

Germany will spend more on defense in coming years in response to growing global instability, Finance Minister Wolfgang Schaeuble said in an interview published on Sunday.

He did not tell newspaper Bild am Sonntag how much extra Europe’s largest economy would spend, or when the increases would kick in.

“Of course we’ll have to shoulder higher spending on defense in the next few years given the various crises and instability in the world,” he was quoted as saying.

 
“In the short-term, i.e. for the coming year, you can’t do much with a bigger defense budget because industry simply can’t deliver big defense projects that quickly,” he added.

Asked which ministry could expect more money in future, Schaeuble said he had suggested that Germany moderately boost spending on development aid. He did not say to whom he had made the suggestion.

The country would need to increase the amount it spends on defense and domestic security because “unfortunately the world has become less safe,” he added.

via Reuters

Content is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please access the RSS feed or contact us at info@marketpulse.com. Visit https://www.marketpulse.com/ to find out more about the beat of the global markets. © 2023 OANDA Business Information & Services Inc.