Germany's Federal Minister of Defense, Boris Pistorius, highlighted the importance of exceeding the 2% of GDP defense spending target set by NATO during a panel discussion moderated by CNBC at the Munich Security Conference. Pistorius noted that the commitment to spend 2% on defense was just a starting point, suggesting that more funding may be necessary in the future. German Chancellor Olaf Scholz also affirmed that Germany aims to meet the 2% spending target "in the 2020s, in the 2030s, and beyond."

Pistorius pointed to rising global tensions, particularly in Europe, the Indo-Pacific, and Africa, as reasons for potential increases in defense spending. He emphasized the need for vigilance in light of shifting attention from other nations, such as the U.S., towards different regions like the Indo-Pacific.

Currently, 18 of the 31 NATO members are expected to reach the 2% spending target this year, a significant increase from just three nations meeting the threshold in 2014. The discussions come in the wake of comments made by former U.S. President Donald Trump, who had urged NATO members to adhere to the alliance's defense spending guidelines.

While Pistorius did not confirm a specific percentage for future defense spending, he stressed the importance of funding what is necessary for security, as well as supporting the development of the defense industry. The minister suggested that the spending could possibly reach 3% or even 3.5%, depending on the global security landscape.