China and Russia pledge deeper strategic coordination at ASEAN summit talks
China said it is ready to "continuously" boost strategic coordination with Moscow. Chinese Foreign Minister Wang Yi told Russian counterpart Sergey La...
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.
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A deadly mass shooting early on Monday (7 July) in Philadelphia's Grays Ferry neighbourhood left three men dead and nine others wounded, including teenagers, as more than 100 shots were fired.
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France recorded over 100 drowning deaths in just one month — a 58% rise from last year — as unusually high temperatures drove more people to water, public health officials say.
Germany’s public debt is projected to climb from 62.5% to 74% of GDP by 2030, driven by record defence and infrastructure spending, according to a report by the European rating agency Scope.
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