from ZeroHedge:
For a brief moment there, it seemed that the performative threat of an “imminent invasion” by Putin would make the European Union less dysfunctional than it always is (and indeed, when it comes to agreeing to have German debt fund everyone’s prosperity for a few years, if it meant agreeing that “Putin man bad”, with hundreds of billions in new debt issuance, there was shocking agreement across Europe). It didn’t last however, and on Thursday EU leaders tussled over weapons deliveries to Kyiv and who would represent them in US-led diplomacy as the bloc struggled to formulate a strategy on Ukraine.
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As Bloomberg reports, an EU summit in Brussels was unable to agree on delivering €5 billion ($5.4 billion) to secure ammunition for Ukraine this year, as members including France and Italy balked at committing to specific financial volumes. A number of European leaders will meet again in Paris on March 27 to try to drive the process forward, but they too will fail to agree (unless Germany agrees to foot the entire bill).
“The objective for me on Thursday is first of all for there to be a renewed and explicit commitment, and perhaps one that is a little more specific, on short-term support for Ukraine,” French President Emmanuel Macron said late Thursday as leaders filed out, and Macron failed to achieve his objective.
Leaders have become increasingly alarmed about being kept out of Trump’s dealing with the Kremlin, and the risk of being unable to agree on how to help Ukraine defend itself. During the summit, they pored over the sequence of Trump’s phone diplomacy this week, which yielded an agreement to halt attacks on energy infrastructure, but fell well short of a ceasefire aimed at ending the three-year war.
EU leaders also sparred over the failure so far to put forward a senior figure as part of a bid to gain entry into the process and represent the 27-member bloc. Spanish Prime Minister Pedro Sanchez said the EU needed a “negotiating team and a representative” to be at the table.
Because nobody has accused a bunch of socialists to be able to agree. On anything. Ever.
It got funnier: so enamored is Europe with its performative “stand” against an imminent Russian invasion that people don’t even remember what their roles are, and instead rising tensions led to a heated exchange between Sanchez and the EU’s foreign policy chief and rabid Russophobe, Kaja Kallas.
When the Spanish leader repeated his call for a special envoy in the closed-door meeting, Kallas took offense.
“What am I here for?” she said, according to accounts of multiple people briefed on the discussion. Insert anti-feminist joke here.
Ukrainian President Volodymyr Zelenskiy meanwhile did what he always does, and begged for another €5 billion for a few more villas in Dubai to purchase ammunition “as soon as possible,” making reference to a massive overnight drone strike over Ukraine (while ignoring the drone strike he ordered in Sudzha to make sure the war keeps going).
“It’s crucial that your support for Ukraine doesn’t decrease but instead continues and grows,” Zelenskiy said, according to a text of the speech. “And this is especially true for air defense, military aid, and our overall resilience.”
Of course he would say that.
Here, courtesy of Goldman’s Alberto Bacis, is a snapshot of all that happend, if not all that was agreed, since nothing was:
- Strange summit. EU ReArm was created after the Munich conference and Trump-Zelensky fallout. Now the situation is completely different and that shifted the priorities.
- Council was supposed to last 2 days. It was wrapped up tonight and tomorrow is free.
- EU council struggled to formulate a single strategy on delivering military help to Ukraine and how to be represented in Us-led peace talks.
- Kallas’ proposal of up to ¢5 bln for immediate help to Ukraine was stalled by France and Italy, who were reluctant to commit to a specific sum
- Meloni (Italy): stressed the need to mobilize private capital and have real common funding for defense so as not to rely on countries’ national debt; Commission’s plan for defense funding is not enough as it’s based mainly on using national fiscal space that Italy does not have.
- Fico (Slovakia): “We cannot stubbornly insist on sanctions at all costs. There may come a moment when we say that we disagree, because we believe it goes against the peace efforts that are currently being made. If we perceive an attempt for further sanctions as something that could undermine the peace process, we are ready to veto it,” He added that it would be “dangerous” for the image of the EU if the bloc remains “the only one that wants to fight.”
- EPP. Open to debate EU Defense bonds if needed.
- PES. published a long doc supporting Defense bonds but also widening the definition of Miliary investments: The progressive approach to European security is not just about arms – it is also about stability, welfare, cooperation and European cohesion.
- Spain, Italy, Greece, Poland and the Baltic states are among those calling for grants, as the bloc did during the COVID-19 pandemic.
- Lagarde: EU single financial market can attract investors searching for alternatives to the U.S. dollar. the central banker is eyeing an opportunity for the single currency and the bloc’s financial markets to gain ground, as investors are less keen to re-put their money on Treasury bonds when they reach maturity.
- Next meeting: March 27, in Paris, “Coalition of the willing” will meet under Macro leadership.
- Dinner menu: Salsify with mousseline sauce, Turbot with carrot reduction, Avocado with mango and lime, Moretti or Peroni to drink.
But just because yesterday was a disaster, it doesn’t mean that EU bureaucrats and socialists can’t meet again to enjoy some more fine taxpayer-funded dining: next week’s Paris meeting will address Europe’s position and demands on the peace process, according to people familiar with the plans. Germany, Italy and Poland will be some of the EU countries involved, as well as non-EU nations such as the UK and Canada. Yes… that Canada.
