Europe needs a war economy
Summary
Europe faces ongoing challenges from Russia’s war in Ukraine, which affects more than just the battlefield. With President Trump pushing for a settlement and threatening to reduce US support, Europe must strengthen its economic and industrial ability to support Ukraine and protect itself.Key Facts
- Russia’s war has heavily damaged parts of Ukraine, especially in the south and east.
- Europe has helped finance Ukraine’s defense, including a recent €90 billion loan without US backing.
- President Trump is seeking a settlement with Russia that could be unfavorable to Ukraine and threatens to reduce US support.
- European Union countries remain divided on sanctions and energy policies related to Russia.
- EU has imposed its largest sanctions list but still allows Russian pipeline gas imports until 2027.
- Europe needs to build a "war economy" with stronger joint borrowing and defense industry capacity.
- The EU’s successful borrowing during COVID-19 showed that borrowing together can work in crises.
- Strong financial and industrial foundations are necessary for Europe to defend itself against future threats.
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