Spending targets are not a helpful measure, but NATO member states agreed to capability targets that are tied to actual military plans - don't think an international organisation can come up with much more than that
I think I'm the odd one out in military academic circles who actually believes that the spending targets are useful. They are what allows a small country to point fingers at large ones and say that they are underperformers. That has value.
If you don't repeal the sweetest, and hidden in plain sight, present of Merkel/Rutte/Stubb & Co. to Putin, the EU budgtary austerity, most EU coutries will not be able to fund them, even in the theoretical less strict current system.
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And the way the reorganised the dept brake most will be financed by dept.
And they might try some trickle down economics and lower some taxes...