Speaking at the Munich Security Conference, German Chancellor Olaf Scholzhas said Europe must strengthen its ability to defend itself to deter would-be aggressors regardless of who wins the upcoming US elections or how the war in Ukraine turns out.

"We Europeans must take much more care of our own security, now and in the future," Scholz said. Germany, Europe's largest economy, has hiked its spending on defense to 2% of output and will continue to hit that target, he added.

Germany is also discussing with allies France and Britain the development of distance-capable precision weapons in order to ensure its deterrence strategy remained cutting edge, Scholz said.

He also called on Europeans to match the billions spent by the United States in military aid to Ukraine. "A comparable effort must be the minimum that every European country undertakes," he said.

However, Scholz avoided the question of whether Germany would supply Taurus cruise missiles to Ukraine. Germany is already doing a lot for Ukraine, he said when asked whether he would rule out a delivery.

According to the German chancellor, "Russia has not achieved any of its war aims" in Ukraine. However, despite "enormous own losses," "significant parts of the Russian armed forces are intact," Scholz said.