Germany turns down idea of new multilateral defence bank 

Germany has turned down the idea of a new multilateral defence bank, dealing the latest blow to duelling proposals to create a global state-backed lender to help rearm European and NATO member countries. 

Why it matters 

Pressure remains firmly on Europe to increase its defence capabilities. Pentagon officials told diplomats in Washington last week that the United States wants Europe to take over the majority of NATO’s conventional defence capabilities, from intelligence to missiles, by 2027.