Russia's war of aggression against Ukraine has led to a reassessment of security policy in Germany. In 2022, at the 'turn of an era', a special fund of 100 billion euros was created to close the defence gaps of the past. However, this money will soon be expended. At the 19th Petersberg Dialogue on Security, jointly organised by the German Armed Forces Association, the German Society for Security Policy and the Friedrich Ebert Foundation, Michael Thöne discusses the fiscal priorities of the ‘Zeitenwende’ and the question of how Germany can raise up to 100 billion euros each year for defence from 2027 onwards.