The writer is deputy head of global economics and chief European economist at PGIM Fixed Income
As Europe prepares to increase investment in defence, there are considerable obstacles to achieving the target agreed by Nato members of spending 5 per cent of GDP a year on the sector by 2035.
Can the region’s leadership, for example, rise to the occasion and do what is blindingly obvious? Namely, deepen integration to become more economically independent and commit to credible plans that meet the Nato aspiration.
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