Europe needs to switch to a war economy if it wants Ukraine to win. France’s President Emmanuel Macron increases the stakes against Russia.
French President Emmanuel Macron stated on Monday that European countries may assist Ukraine with military personnel, other than weapons and equipment. This would entail European NATO members actively fighting Russia with boots on the ground, the consequences of which could be history-making.
So far, the war in Ukraine cost hundreds of thousands of casualties on both sides. Although President Volodymyr Zelensky claims Ukraine lost 31.000 men in the conflict, the real number is likely much, much higher.
Other than human losses, Ukraine is suffering from serious material shortages. The illegal Russian invasion is putting a strain on Ukraine’s already struggling economy. And with US Republicans sabotaging new military aid, Ukraine risks falling against Russian aggression.
And yet, Ukraine keeps fighting.
European governments recognize the urgency of the situation. Letting Ukraine lose would put Russia’s Putin in a stronger position for new aggressions against the former Soviet satellites. For this reason, European officials are calling for the institution of a war economy.
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What is a war economy?
A war economy is, by definition, an economic system whereby a country produces goods and services mainly for the war effort. Obviously, both Russia and Ukraine are already deep into a war economy, which makes the situation difficult for Ukraine’s allies.
Not yet into a war economy, Europe and the US cannot materially support the Ukrainian war effort. As long as Russia is in a war economy and the West is not, the Kremlin will always dispose of more ammunition and material replacements.
It is no coincidence that Macron and other French officials are vehemently calling for a European war economy. France has one of the best armies in the world, possesses nuclear weapons, and hosts the largest military complex in Europe.
Of the 5 largest defense companies in Europe, 4 are based in France. Airbus, Safran, and Thales all received a stock-price boost following Macron’s announcement, and so did Germany’s Rheinmetall and Italy’s Leonardo.
EU Chief Ministry Thierry Breton (another Frenchman) also called for the institution of a European war economy. “The European Investment Bank also needs to get its act together and start supporting the defense sector,” Breton said last May.
A war economy in Europe would be a natural response to Russia’s aggression. Putin did not think twice before instituting it into his country, even though the Russian economy is much smaller than Western Europe’s.
Moreover, sending European soldiers to Ukraine may indeed prevent further Russian advances for fear of NATO retaliation. European soldiers may preside in Ukraine’s largest urban centers while Kyiv concentrates all of its forces on the front.
Whatever it will look like, European leaders are set on letting Ukraine win.
