In response to the Ukraine war, European leaders have 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. Da Project Syndicate.
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.