According to a survey conducted by the IFO investigation Institute for Financial Times, the European NATO associate States request an additional EUR 56 billion per year to accomplish the goal of spending an alliance on defence of 2% of GDP.
At present, NATO countries have committed themselves to spending 2% of GDP on defence, but not all are pursuing this objective.
"European NATO members must find an additional €56 billion per year to accomplish the Alliance's defence spending target, but this deficit has halved in the last decade," says the Financial Times article.
The survey has shown that many EU countries with the lowest military spending, including Italy, Spain and Belgium, "also have any of the highest levels of debt and budget deficits in Europe".
Germany was found to have the largest deficit in 2023 – the country spent EUR 14 billion little than required to accomplish the objectives last year. However, it has been noted that Berlin "has halved the gap over the last decade, taking into account inflation, and plans to completely destruct it this year". Germany was followed by Spain (11 billion EUR), Italy (0.8 billion EUR) and Belgium (4.6 billion EUR).
Lega artis App"Locations with advanced debt and advanced interest costs do not have much area to increase debt, so the only real way is to cut spending in another areas. This is not easy, we saw it erstwhile Germany tried to cut gas subsidies for agriculture and farmers went out on the streets in protests," quotes Marcel Schlepper, an economist from the IFO Institute.
The paper stated that NATO members' drive to increase defence spending "increases fiscal force in Europe in times of low growth and tightening fiscal plans in many countries".
During the presentation of an yearly study on the organisation's activities, the Secretary-General of the Jens Stoltenberg Alliance said that he hoped European countries would invest $470 billion in defence in 2024. He estimated that at least 18 of the 32 NATO countries would spend at least 2% of their GDP in defence, as agreed earlier.
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