Lars Klingbeil, Germany’s incoming finance minister, is set to reshape fiscal policy with a sharp focus on defense spending, marking a shift from austerity as Berlin boosts military investment amid global tensions.
Lars Klingbeil, Germany’s incoming vice chancellor and finance minister, is set to lead a major shift in the country’s fiscal policy, especially in defense spending. Despite his background being more rooted in defense than finance, the 47-year-old Social Democrat will now manage public finances and oversee a significant boost in military investment, a move triggered by mounting pressure from the U.S. and the ongoing war in Ukraine.
Germany’s parliament has already approved a dramatic increase in spending, including a €500 billion infrastructure fund, marking a departure from years of fiscal restraint. Klingbeil, a long-time critic of Germany’s strict borrowing rules (the "debt brake"), is replacing Christian Lindner, a pro-austerity figure whose position on the debt brake helped collapse the previous coalition.
The SPD formally endorsed a new conservative-led coalition under Friedrich Merz this week, paving the way for Klingbeil’s nomination next Monday. While defense minister Boris Pistorius will retain his role, Klingbeil will take on the task of drafting the delayed 2025 federal budget following the February snap election, where the SPD placed third.
A seasoned lawmaker and former chair of the SPD youth wing, Klingbeil is seen as a potential future chancellor. He’s known for strong communication skills and modernizing efforts within his party, focusing on climate, inequality, and youth representation. As the son of a soldier and a longtime member of the Bundestag defense committee, he brings firsthand knowledge of military underfunding.
In addition to steering financial policy, Klingbeil must also counter the rising popularity of the far-right AfD, which he views as a serious threat to democracy.
Uzbekistan and the U.S. are preparing to launch a joint investment platform by the end of the year, alongside the creation of a new bilateral busin...
International air travel remains severely disrupted despite the ceasefire between the U.S. and Iran announced on Wedn...
Lebanon’s Hezbollah said it had stopped firing on northern Israel and Israeli forces on Wednesday as part of a two-week ceasefire in the Midd...
Pakistan’s Prime Minister Shehbaz Sharif said Iran and the United States, along with their allies, have agreed to an immediate two-week cease...
Trade discussions between China and the U.S. are expected to remain virtual for now, with no major investment initiat...
German Chancellor Friedrich Merz has voiced doubts about the effectiveness of the U.S. and Israeli military campaign in Iran, warning that the conflict risks becoming prolonged and increasingly complex.
Iran’s Foreign Minister Abbas Araghchi called on Beijing and Moscow to prevent Washington from continuing to abuse the United Nations Security Council. He made the comment during a phone conversation with Chinese Foreign Minister Wang Yi according to state-owned IRNA news agency.
Start your day informed with the AnewZ Morning Brief. Here are the top stories for 21 March, covering the latest developments you need to know.
Chinese President Xi Jinping and German Chancellor Friedrich Merz agreed on Wednesday in Beijing to strengthen economic cooperation while addressing trade imbalances, market access concerns, and the war in Ukraine, during Merz’s first official visit to China since taking office.
The crew of Artemis II mission are entering a pivotal phase of their journey, as they prepare to swing around the Moon and head back towards Earth. Now on the fifth day of their 10-day mission, the four astronauts are already witnessing views no human has ever seen.
U.S. President Donald Trump on Monday told reporters that Iran could be taken out in one night, "and that night might be tomorrow night," warning Tehran it had to make a deal by Tuesday night or face wider bombing raids.
U.S. President Donald Trump threatened Iran's "whole civilisation" on Tuesday in a post on social media. Meanwhile, the UN failed to reach an agreemement on a resolution aimed at reopening the Strait of Hormuz, after China and Russia used their vetoes.
As Hungary approaches a crucial vote, younger citizens who grew up under Prime Minister Viktor Orbán are increasingly backing the opposition, with some saying they may leave if he secures another term.
Iran has rejected a U.S.-backed ceasefire proposal, insisting any agreement must deliver a permanent end to the war, according to state media on Monday.
Trade discussions between China and the U.S. are expected to remain virtual for now, with no major investment initiatives planned before a potential meeting between Xi Jinping and Donald Trump, according to U.S. Trade Representative Jamieson Greer.
The Russian T-90M tank is worth an estimated $4.5 million and was designed to dominate the battlefield. Yet this steel giant has repeatedly been destroyed by something far smaller, faster and thousands of times cheaper: the drone.
North Korea fired multiple ballistic missiles towards its east coast on Wednesday (8 April), South Korea’s military said, in a fresh show of force that underscored rising tensions despite brief signs of a possible thaw between the two sides.
The leader of Taiwan's largest opposition party used her first full day in mainland China to publicly pledge reconciliation, invoking the spirit of her party's founder, Sun Yat-sen, to call for unity whilst surprisingly praising the communist mainland’s developmental achievements.
Start your day informed with the AnewZ Morning Brief. Here are the top stories for 8 April, covering the latest developments you need to know.
You can download the AnewZ application from Play Store and the App Store.
What is your opinion on this topic?
Leave the first comment