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Preparing Europe's Economy for War
In response to the Ukraine war, European leaders have not only taken steps like halting the Nord Stream 2 pipeline and excluding some Russian banks from SWIFT; they have also pledged to build shared capacity for defense and foreign policy. But building a common defense capacity will require the EU to build shared economic capacity.
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LONDON – The European Union has shown remarkable – and, for many people, surprising – political unity in responding to Russia’s invasion of Ukraine. From suspending the Nord Stream 2 gas pipeline to excluding some Russian banks from the SWIFT financial messaging system for international bank payments to revoking Russia’s “most-favored nation” trade status, EU members have taken decisive action to squeeze Russia economically. But Europe has yet to take adequate action to protect its own economy from the fallout of Russian President Vladimir Putin’s war.