Europe needs a war economy

What happened: An analysis argues Europe must build a war economy, citing EU moves from an 18.1-billion-euro share of G7 ERA loans in 2024 to a new 90-billion-euro loan finalised in April without US commitment. Key numbers: 18.1 billion euros ($21bn) EU share of G7 $50bn ERA loans in 2024; 90 billion euros ($100bn) EU loan finalised in April; 750-billion-euro Why it matters: The piece says Europe can no longer assume Washington will guarantee its security, and warns that internal divisions, including over using frozen Russian assets, could undermine joint borrowing efforts.

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