Why Europe’s defence spending may need a bold new approach

In Paris and Munich, European leaders debated ideas aimed at reshaping Europe's postwar dependence on the US

Putting aside the petulant Giorgia Meloni, who drove up to the steps of the Elysee Palace in a Maserati one hour late wearing a white coat and a pose designed to reveal her disdain at being anywhere near Emmanuel Macron, most of those attending the Paris summit on Ukraine alighted on two ideas: joint defence bonds or a defence escape clause.

They are two different policy options, and one much bolder than the other. Ukrainian soldiers on the frontline would not be able to make any use of either of them, but they offer an opening to unlock the levels of defence spending Europe is going to require if its postwar dependence on the US has truly come to an end.