European Union

‘Pro-growth’ M&A policing is a misnomer

27 Mar 2025

The transatlantic trustbusting consensus forged by Lina Khan and Margrethe Vestager is already fraying. In this week’s Viewsroom, Breakingviews columnists discuss if it will lead to mergers involving national champions such as GSK and BP, and in turn remedy some economic ills.

Sustainable fuel surge may mean fewer UK flights

24 Mar 2025

Britain wants airlines to ramp up use of sustainable aviation fuel at a faster pace than in the EU. That’s laudable, with the hard-to-decarbonise sector accounting for 2% of global emissions. But the margin hit for short-haul carriers like easyJet may risk them flying elsewhere.

West Africa’s version of Brexit is as bad an idea

21 Mar 2025

The departure of Niger, Burkina Faso and Mali from the Economic Community of West African States echoes the UK’s EU split. The military juntas’ move will hurt them more than ECOWAS. But it weakens West Africa’s free trade zone, and exposes the trio to greater Russian influence.

Macron lacks the money to put where his mouth is

20 Mar 2025

The French leader wants Europe to boost defence spending. But with debt at 115% of GDP, France can’t easily find the 40 bln euros it needs to cover its share of the burden. The bloc’s strategic plans may be delayed by the fiscal woes of its main military power.

US markets’ exceptionalism goes into reverse

20 Mar 2025

After years of setting the global pace, the S&P 500 Index has dropped 9% from its peak while Hong Kong and Europe benchmarks rise. In this week’s Viewsroom podcast, Breakingviews columnists discuss whether trade wars and threats to the rule of law portend a durable shift.

EU’s defence fund is more toy gun than bazooka

18 Mar 2025

The European Commission plans to extend 150 bln euros’ worth of subsidised loans to member states to beef up their military. Only a few countries may tap the facility. Adding conditionality would shrink its attractiveness further. As it is, it is more symbolic than effective.

EU’s big Starlink headache is time, not money

14 Mar 2025

Investors seem confident $3 bln Anglo-French satellite group Eutelsat can replace Elon Musk’s company on Ukraine’s front lines. The swap could be costly, but this won’t deter a newly defence-focused EU. Whether the company can deploy what’s needed quick enough is another matter.

Germany’s fiscal pivot gives Europe rare hope

13 Mar 2025

The nation known for anti-deficit orthodoxy faces an economic slowdown and US antagonism. Likely Chancellor Friedrich Merz’s response: boost spending by more than 500 bln euros. In this week’s Viewsroom podcast Breakingviews columnists discuss the jolt to the whole continent.

US-EU tariffs are a skirmish in riskier trade war

12 Mar 2025

Brussels reacted to Washington’s steel levies with 26 bln euros of measures on bourbon and other exports. The next steps could see Europe thwacking Big Tech, and President Trump targeting member states. Their effect is less predictable, and likely to be more painful for Europe.

EU telcos face a long road to tech sovereignty

7 Mar 2025

Telecoms bosses gathering in Barcelona for their annual shindig talked up the use of AI and a European answer to Elon Musk’s Starlink. But the former depends on Silicon Valley tools, and the latter is tiny in comparison. Securing growth while developing EU champions looks tricky.

ECB fails to get the memo on Europe’s emergency

6 Mar 2025

The European Central Bank cut its key rate to 2.5%, but now looks coy about future monetary loosening. Its fears of the inflationary impact of a tariff war and higher defence spending look overblown. And geopolitical uncertainty calls for firm guidance, not excessive caution.

Europe will struggle to slip US economic chokehold

5 Mar 2025

The continent relies on its erstwhile ally for defence, but also for finance, technology and energy. With Donald Trump’s return, those tight links have turned into vulnerabilities. Severing them is hard to imagine. The best Europe can do for now is credibly threaten retaliation.

Europe has money but few weapons for Ukraine

4 Mar 2025

US President Donald Trump has paused his country’s military support for Ukraine. Europe has the means to make up for it and plans to spend an extra $340 bln a year on its defence. But Kyiv still needs American weapons, which may force Europe to buy directly from the US.

Europe’s defence push provides cover for tax raid

3 Mar 2025

US hostility to its erstwhile European allies heightens the need for the continent to rearm. Extra spending increases pressure on already stretched finances. But leaders who gathered in London over the weekend have a consolation of sorts: the crisis is an excuse to raise taxes.

EU banks’ M&A secret weapon nears sell-by date

3 Mar 2025

The ‘Danish Compromise’ lets Europe’s lenders buy insurers while shielding the capital hit. Yet Italy’s battle over $15 bln Banco BPM suggests the tool can also be hard to deploy. If financial groups fear regulators could withdraw the wheeze, maybe it’s no longer much use.

How to navigate Trump’s trade wars

25 Feb 2025

The US president has slapped tariffs on Mexico, Canada, steel, aluminium, and is threatening more. Few have come into force, though. In this episode of The Big View podcast, Sam Lowe of Flint Global explains the different types of levies, and what they mean for global trade.

How to raise $420 bln a year for Europe’s defence

24 Feb 2025

The partial breakdown in the transatlantic alliance means the continent may need to double its defence spending. The money will have to come from a mixture of national budgets, European Union funds and perhaps a new vehicle. Many sacred cows will be slaughtered on the way.

Merz’s victory opens new era of German uncertainty

23 Feb 2025

Election exit polls in Europe’s top economy saw the conservatives win 29% of the vote, but record results for the far-right AfD. CDU leader Friedrich Merz faces a messy coalition with the SPD. That may take months, at a time when both Germany and the EU need rapid decisions.

German elections chart course for a lonely Europe

20 Feb 2025

Voters in the EU’s largest country are set to go to the polls as US leaders threaten to withdraw military support from the continent, economic malaise lingers, and the far-right AfD gains ground. In this Viewsroom podcast, Breakingviews columnists debate the electoral stakes.

Trump reciprocal tariffs are key test of EU unity

19 Feb 2025

The president’s threat to match foreigners’ US levies may mean he targets individual European Union member states. The EU’s common approach to trade complicates retaliation. If some countries in the bloc stop others from fighting back, it could ramp up internal strife.