As the dust settles from Donald Trump’s recent election victory, key European leaders are rushing to address the potential implications for the continent. EU Foreign Policy Chief Josep Borrell and former ECB head Mario Draghi have both voiced their concerns about the changing political landscape.
Borrell’s Assurance to Ukraine
In a visit to Kyiv, Borrell emphasised the EU’s unwavering commitment to supporting Ukraine amidst its ongoing struggle against Russian aggression, which has lasted almost 1,000 days. He noted:
- €122 billion in military and financial support has already been provided by the EU.
- About 60,000 Ukrainian soldiers have been trained, with a goal to reach 75,000 by the end of winter.
He urged faster deliveries of military aid and less hesitation in allowing Ukraine to target military assets within Russia. With Russian forces occupying nearly 20% of Ukrainian territory, the stakes could not be higher.
Draghi Calls for Economic Reform
Meanwhile, Mario Draghi warned that Trump’s presidency could significantly impact the EU economy, particularly if he resurrects tariffs on European goods. Key takeaways from Draghi’s report included:
- The EU must invest up to €800 billion more annually to avoid a decline.
- There is a pressing need for common borrowing and reforming competition policy.
Draghi’s warnings come as leaders convene in Budapest to discuss economic strategies, while Germany’s reluctance to embrace joint debt continues to pose challenges.
The Greater Picture
With Trump’s administration likely to reshape US-Europe relations, European leaders are bracing for what might come next. Both Borrell and Draghi’s calls to action reflect the urgency surrounding support for Ukraine and economic fortification against potential trade wars.