Germany has ditched decades of fiscal restraint with a massive €500 billion spending plan, aiming to revive growth and bolster defence. With geopolitical tensions rising, Friedrich Merz calls it a "historic shift"—but critics warn of debt risks.
Germany’s parliament has approved a sweeping spending surge, marking a major shift from decades of fiscal restraint. Conservative leader Friedrich Merz secured support for the plan, which aims to boost economic growth and strengthen Europe’s defence amid rising geopolitical tensions.
The approved package includes a €500 billion fund for infrastructure and eases borrowing rules to expand defence spending. The move is a response to increasing concerns over European security, particularly regarding Russia and potential shifts in U.S. foreign policy. "We have for at least a decade felt a false sense of security," Merz told lawmakers, calling the decision a crucial step toward a new European defence strategy.
The Bundestag’s approval was decisive, with 513 votes in favour and 207 against. The legislation is expected to pass the Bundesrat on Friday. The markets reacted positively, with the euro and European shares rising in anticipation of the fiscal expansion.
While supporters hail the move as a turning point, critics warn of long-term risks, including rising debt and the need for structural reforms to ensure sustainable growth. Economists argue that cutting bureaucracy and increasing efficiency will be essential to making the most of Germany’s fiscal shift.
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Political directors from France, Britain, and Germany are scheduled to meet with Iranian officials in Rome on Friday, according to two diplomatic sources who confirmed the meeting to Reuters.
Georgian President Mikheil Kavelashvili expressed hope that Armenia and Azerbaijan will sign a peace agreement in the near future, contributing to the positive development dynamics of the South Caucasus region.
Meta, the parent company of Facebook, unveiled a free standalone artificial intelligence (AI) app for its Meta AI assistant on Tuesday, marking a significant move as part of the growing wave of new AI apps in the tech industry.
Russian President Vladimir Putin has signed a decree renaming Volgograd International Airport to its historical name of Stalingrad, a move made official late Tuesday.
China released a white paper on COVID-19 prevention, control and origins tracing on Wednesday, the state-run Xinhua news agency reported, lauding its own contributions while casting doubts on the United States.
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