- Spending on civil protection, IT security, intelligence, aid to illegally attacked states will be exempt from debt brake beyond 1% of GDP as part of defense spending
- Germany’s states will get to spend some 16 billion euros extra through debt finance
- Special fund of 500 billion euros over 12 years to be created, of which 100 billion to be spent by states
- Climate and Transformation Fund will get 100 billion euros from the 500 billion euro fund
- This is a clear message to our enemies that we are ready to defend peace on our continent
- Expects vote to do these constitutional amendments on Tuesday
- Need to continue fiscal discipline. It remains important
Germany’s SPD leader:
- We have laid the foundation for Germany to get back on its feet and protect itself.
- This package is a powerful boost for Germany.
The defense pendulum is starting to shift more to Europe from the US.
This article was written by Greg Michalowski at www.forexlive.com.
