Ukraine

Europe must stand with Ukraine, or they will fall together

EU leaders are quick to tweet that they ‘stand with Ukraine’. But talk is cheap. Unless they are willing to follow words with action, Putin will rightly conclude that they are all mouth and no trousers.

There is a compelling case for using Russia’s frozen assets. But the overriding priority is to sustain Ukraine come what may. If all else fails, the EU should simply borrow the money. That is what the Commission is proposing as a stopgap measure, and it could also be a viable longer-term solution.

Read my latest column for The Brussels Times

Europe needs to rearm much faster

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.

How Europe Can Rearm

How can European countries possibly afford to increase military spending at a time when their economies are weak, public finances are stretched, and many voters are loath to accept cuts to other government spending? In fact, there is no shortage of options – and, with the United States going its own way, no room for further delay.

Read my latest column for Project Syndicate