Eurobond per l'Ucraina, la manovra a tenaglia che ha sconfitto i Frugali

·14 min·1 clip

Bart De Wever resisted EU pressure, warning that seizing Russian assets could force Belgium to borrow 185 billion euros overnight.

The episode opens by explaining how divergent interests from Hungary, Italy, Belgium, and France led to discarding the idea of using frozen Russian assets to finance Ukraine. It traces the origin of this idea to Ursula von der Leyen, who proposed it years earlier, but faced resistance from Germany's Olaf Scholz due to risks to the euro. The narrative describes how the Danish Presidency, representing frugal countries, strategically presented options to member states, with Hungary opposing common debt, leaving only the Russian-asset loan. Bart De Wever, the Belgian leader, resisted this plan, highlighting that Belgium, home to Euroclear holding the assets, faced a potential 185-billion-euro liability if Russia retaliated. Italy's alignment with Belgium against the loan changed the political calculus, forcing von der Leyen to reconsider. During the European Council, De Wever demanded unlimited guarantees, which dampened enthusiasm for the asset seizure. Giorgia Meloni and Emmanuel Macron both expressed parliamentary difficulties in providing such guarantees. European Council President Antonio Costa then masterfully asked Viktor Orbán to allow a common EU loan, to which Orbán agreed not to block it. This move cornered Germany and frugal countries, who accepted a 90-billion-euro Eurobond to avoid a catastrophic failure in funding Ukraine. The episode notes that Eurobonds remain taboo in Berlin but have become a practical solution. It concludes by reflecting on the EU's evolution, showing that decisions are no longer solely dictated by Germany when smaller countries unite. The format is a solo narrative by host Tommaso Gallavotti, analyzing behind-the-scenes political games rather than media spin. Key themes include EU financial mechanisms, geopolitical risk management, and power dynamics among member states. The episode emphasizes the tension between emotional responses and rational solutions, as highlighted by De Wever. It also touches on the role of Euroclear and the potential systemic risks of asset confiscation. Overall, it provides a detailed walkthrough of the December 18-19 summit, illustrating how complex negotiations led to a historic funding decision for Ukraine.

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