In 2006, the alliance’s defence ministers agreed to commit a minimum of 2 percent of their gross domestic products (GDP) to defence spending to ensure the military readiness of the alliance. Roughly 2/3 of member nations meet this goal:
Nato expects 23 of its 32 members to have met the target of spending 2% of GDP on defence in 2024.
www.bbc.com
The 32 members of the world’s most powerful military alliance will spend $1.47 trillion this year.
www.aljazeera.com
>> It has been an anachronism since 1989
To the contrary. It's been mostly successful in preventing aggressor European nations from invading other lands to expand their territory, with Russia the exception - and so far, only attacking non NATO nations. It's been entirely successful in preventing World War III.
And, now, that Russia has invaded Ukraine, it's needed more than ever.