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Emmanuel Macron, president of France, said sending western troops to fight in Ukraine “could not be ruled out” and that Paris would drop its long-standing opposition to purchasing emergency artillery supplies for Ukraine from outside the EU.
Arguing that Russia’s defeat was necessary to ensure “Europe’s collective security”, Macron said that a meeting of 25 European leaders in Paris yesterday had underscored a new depth of western resolve to help Ukraine, after more than two years of full-scale war in the country.
“We will do everything needed so Russia cannot win the war,” he told reporters.
Asked if sending western troops to Ukraine was an option, Macron said the matter had been discussed at the conference.
“There’s no consensus today to send in an official manner troops on the ground. But in terms of options, nothing can be ruled out,” he added, without providing details on which countries were considering such a step. Read the full report.
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‘Naive’ Europe: Danish Prime Minister Mette Frederiksen has said a “more aggressive Russia” requires the region to bolster defence spending by curbing welfare and tax cuts.
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The cost of isolation: The world’s experience with Russia holds lessons for future sanctions, writes Elina Ribakova of the Peterson Institute for International Economics.
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Nato: Sweden has overcome the last remaining hurdle in its quest to become an alliance member as Russia’s invasion of Ukraine redraws the geopolitical map.
And here’s what else I’m keeping tabs on today:
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Economic data: Germany has the GfK consumer climate survey.
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Elections: Israel holds its first local elections since the war in Gaza began, while the US presidential primaries take place in the state of Michigan.
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Brics: Finance ministers and central bank governors from the group of emerging nations meet in São Paulo, Brazil.
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Companies: Abrdn, AES, Agilent Technologies, ASM International, Bouygues, Coface, eBay, Lowe’s, Smith & Nephew and Unite Group report.
Five more top stories
1. Jeremy Hunt lacks the fiscal firepower to prevent Britain’s taxes as a share of national income climbing to a record high no matter what he announces in next week’s Budget, a new analysis has found. Tax revenues, which accounted for about 33 per cent of national income on the eve of the pandemic, are set to climb to 37.7 per cent by 2028-29 — the highest since the end of the second world war. Read more about the research from the Institute for Fiscal Studies.
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UK housing: Investing billions in social housing would “save the taxpayer money” over the long term by cutting benefits payments and health costs, according to research by England’s National Housing Federation and the charity Shelter.
2. The European Investment Bank’s new president has signalled openness to fund new nuclear projects, increase investments in defence and take on more risk as part of a pivot by the world’s largest multilateral lender. In an interview with the Financial Times, Nadia Calviño said Europe “needs to be active because [it] cannot be behind the curve” on “modular reactors”, which are still in a research and development stage in the bloc. Read more on Calviño’s plans for the bank.
3. Exclusive: French hotel group Accor is in talks with Dubai Holding to fund the €800mn development of two upmarket cruise liners under the Orient Express brand, in the latest example of Middle Eastern investor interest in the luxury travel sector, according to multiple people familiar with discussions. Here’s what the possible superyacht deal could entail.
4. Israel launched air strikes on what it said were Hizbollah targets near the north-eastern Lebanese city of Baalbek, in its deepest attack into Lebanon since the war in Gaza triggered renewed hostilities with the Iran-backed militant group. The Israeli military said yesterday it had hit sites “used by Hizbollah’s aerial defence array” in the Bekaa Valley in response to the launch of surface-to-air missiles by the group. Here’s the latest on the Israel-Hamas war.
5. The Economic Community of West African States is showing signs of weakness after it failed to persuade the Niger junta to free the country’s detained former president in spite of lifting tough sanctions it imposed on the country after last year’s putsch. Mohamed Bazoum’s release from house arrest had not been a precondition for lifting the sanctions, a senior west African diplomat attending the talks said. Read the full story.
The Big Read
Since Brexit, the British government has been seeking to benefit from opportunities that come from being outside the EU’s cautious and cumbersome regulatory system. The hope was that by being nimbler, the UK could steal a march on Europe, particularly in areas of emerging technologies where speed to market is a priority. But a growing number of investors and industry experts are expressing frustration and warn that an alarming gap is emerging between the UK government’s stated ambitions and the capacity of regulators.
We’re also reading . . .
Chart of the day
Profits for the biggest US oil and gas producers have almost tripled under President Joe Biden, even as the industry berates his administration’s “hostile” policies. The country’s top-10 listed operators by value, which will finish reporting their 2023 earnings this week, are on track to have amassed a combined net income of $313bn in the first three years of the Biden administration, up from $112bn during the same period under Donald Trump.
Take a break from the news
From a storied 19th-century icon epitomising traditional Swissness to an elegant lakeside classic reimagined as a sleek yacht club, here are the FT Globetrotter’s picks on where to stay in Zurich.
Additional contributions from Benjamin Wilhelm and Gordon Smith
Read the full article here