Germany has turned down the idea of a new multilateral defense bank, dealing the latest blow to dueling proposals to create a global state-backed lender to help rearm European and NATO member countries.
Berlin’s finance ministry told reporters Wednesday that the German government rejects the creation of further financing instruments for the armaments sector. It added that neither the concept of a global Defence, Security and Resilience Bank nor that of a European Rearmament Bank are currently being discussed in European Union or NATO bodies and no process is underway to discuss possible state participation.
“Strengthening defense capabilities is a new priority for the German government,” a German finance ministry spokesperson said. “(However) the German government’s focus is on the rapid implementation of existing instruments, in line with the capability requirements of the member states.”