Later this month, NATO is set to agree targets for higher defence spending, by an as-yet-unconfirmed future date.
But Europe needs to rearm massively, right now. The threat from Putin is imminent, as is the risk that Trump abandons Europe, or betrays it by siding with Putin.
While this will eventually require tax rises and/or spending cuts, the best way to fund such a big emergency boost to defence spending is by borrowing more for a few years, preferably collectively. This could involve a coalition of willing governments, both EU and non-EU.
Done right, this could also help streamline military procurement, better integrate Europe’s fighting forces and even provide a much-needed lift to Europe’s struggling economies.
My latest Substack essay explains how best to do this.