Carl Bildt at Project Syndicate:
Three urgent priorities are set to strain Europe’s public finances over the next few years. The first – and most obvious – is defense. The push to boost military spending is primarily a response to Russian President Vladimir Putin’s aggression, compounded by US President Donald Trump’s relentless criticism of America’s NATO allies. Together, these pressures have made strengthening Europe’s defense posture a strategic necessity.
The second, and arguably more urgent, priority is to support Ukraine in its fight against Russia. If Ukraine’s defenses were to collapse, a revanchist Russia would likely go on a rampage. Ensuring that Ukraine can continue to defend itself will require European governments to go beyond their existing defense-spending commitments.
And lastly, there is the lengthy process of producing the European Union’s next multiyear budget, which will cover the period from 2028 to 2034.
More here.
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