The informal summit of EU political leaders in Hungary painted a picture where the EU countries are more ready to respond together to the threat of economic difficulties than to the defeat of Ukraine.
How would the EU respond to the United States winning the presidential election Donald Trump’s to the threats in which there has been talk of erecting customs walls in Europe and withdrawing support from Ukraine?
The media tried to get answers to these questions when the political leaders of the EU countries gathered on Thursday and Friday for an informal meeting in Budapest, Hungary.
Before the meeting, EU sources said that preparations for Trump’s responses to tariffs are in full swing in the EU Commission. Instead, it has become more unclear how the EU could credibly respond to the worst possible scenario in Ukraine.
President of the EU Commission Ursula von der Leyen after the meeting on Friday brought up the international loan package of the rich G7 countries of 45 billion euros, which should help Ukraine, according to him, until 2026. However, there is nothing new in that.
Primarily, the EU is trying to avoid a disaster scenario by talking sense into Trump.
– In my opinion, it is important to discuss with our American friends that Russia is not only a threat to Europe. But it is a threat to global security as a whole, von der Leyen said.
The leaders cite, among other things, Trump’s concern about China’s growing power. After the change of administration, it will be clear whether the talk will get there.
A direct threat to the economy
A direct threat to the EU’s economy are the customs walls that Donald Trump has threatened to erect as an obstacle to trade. The 10-20 percent import tariffs that Trump has hinted at would seriously affect the European economy.
The topic was related to the main topic of Friday’s meeting, which dealt with the competitiveness of the EU, which was left behind. The governor of the ECB was the sleeper Christine Lagarde and former CEO Mario Draghiwhich has produced a grim report on the Union’s competitiveness.
– The sense of urgency is greater today than it was a week ago, Draghi told the media when he arrived.
Dragh’s analysis is that the Trump administration promotes technological development, which the EU is already behind. Trump is also trying to support more traditional industries, which are central to EU countries’ exports.
The report considered that the EU is already suffering from an annual investment deficit of 750–800 billion euros. That always leads to the question of where the EU countries intend to dig for new public money.
The subject is difficult for political leaders. The shared analysis of Union leaders now appears to be that much can be done to strengthen the EU’s capital markets and internal market before the case is heard.
– It was actually talked about 90 percent of the time, because everyone was talking about the development of the capital market and the development of the internal market, the Prime Minister of Finland Petteri Orpo (coc.) said.
Finland would increase support for Ukraine
Orpo was also of the opinion that more support and weapons can be found in the EU for Ukraine if the United States starts to reduce it.
– I would believe that this is an analysis shared by everyone, that this is how it should be done, Orpo said.
On the other hand, for example, the Prime Minister of Hungary Viktor Orban would like a quick ceasefire in Ukraine. Orban’s questions about the EU’s long-term plan for the war in Ukraine have also apparently begun to gain at least some new resonance.
The question itself is not necessarily without reason. However, it now seems that it is easier for EU countries to plan actions to tackle economic problems than to ensure Russia’s defeat in an aggressive war.