Adding up the fiscal drag from ageing, energy and defence

In 2006 nato members set a target for defence spending of 2% of gdp. In 2014, after Russia annexed Crimea, they pledged to meet this target by 2024. But by 2021 most countries still fell short: averaging across western Europe, defence spending was only 1.6% of gdp. Some big countries—Germany, Italy, the Netherlands and Spain—were the worst offenders, spending just 1.3-1.5%.