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05/02/26

A jolt…

Newsletter February 2026

Rest assured: I will not add to what has already been widely said about what unfolded in Davos or during the “extraordinary council” dinner in the third week of January. Not because I underestimate the turning point we witnessed live — with a number of European countries (not all, let us not forget, even if some chose to keep a discreet caution), as well as the European Parliament, deciding to stand up to the President of the United States, whatever the cost.

The scenario of a military offensive was probably unlikely — although with Donald Trump, boundaries can quickly be pushed. The threat of prohibitive tariffs, on the other hand, was entirely predictable. And it was indeed brandished by the occupant of the White House.

Beyond this European wake-up call, it is clear that the deterioration of the domestic situation in the United States weighed just as heavily. Politically, of course, with the fundamental attacks on the rule of law embodied by the militia known as ICE. Economically as well, with domestic consumption now driven for more than half by the top 10 percent, revealing the deep injustice of American growth. Financially, finally, the fall of Wall Street reflects the very real concerns of financial circles, both about the unpredictability of the President of the United States and about the unexpected resilience of the global economy in the face of these new tariffs.

I would also like to recall that even if the option of a straightforward purchase of Greenland by the United States now seems to have been set aside, we still do not know the details of what was negotiated — and therefore, by definition, the true extent of the concessions made by both sides.

The wake-up call I really wanted to talk about, however, lies elsewhere: it is the wake-up call of European citizens. It is not new. Whatever Vladimir Putin may have bet on in February 2022 — on our divisions, on the fatigue of our public opinions, or on a backlash against support for Ukraine. Whatever Volodymyr Zelensky may have said more recently, Europeans continue to support Ukraine, despite the energy crisis of the first year of the conflict, which weighed heavily both on purchasing power and on companies’ production costs — and thus, let us not forget, on the competitiveness of a European economy whose growth has been sluggish since the war began.

They are also increasingly aware that the Ukrainian issue is a central stake for European security in the years to come. Without having become warmongers, as some political leaders sometimes suggest, they are gradually accepting the idea that Europe must invest in a more autonomous defense, capable of responding to a possible American disengagement or to a Russian aggressiveness that might cross the EU’s borders.

Above all, they are increasingly convinced that Europe is an asset — and probably the most appropriate level at which to meet today’s challenges. To the point that even the most Eurosceptic now ask: “What is Europe doing?” Europeans now seem ready for the strategic autonomy of a Europe as a power. And it is perhaps this wake-up call, further strengthened by the territorial ambitions of an American president who sees himself as the emperor of the planet, that did not escape our leaders and pushed them, this time, to stand firm.

That said, we must continue to build this alternative to the reactionary and violent world offered to us by modern empires. On this point, still in Davos, the Canadian Prime Minister, quoting the great European Václav Havel, outlined a possible path forward. Let us retain from this the call for an indispensable alliance of middle powers — a path on which Europeans could lead the way. After all, is this not, in a sense, the very DNA of European integration: to have organized stimulating competition while building cooperation that strengthens and solidarity that unites, to paraphrase Jacques Delors?

At the start of this year, it is with the same level of commitment that we have continued our work at the Jacques Delors Institute. This month’s publications once again fully reflect this effort of clarity, proposal, and European construction. And as you will see when reading our work programme, this commitment will continue to guide our work in the months ahead.

Enjoy your reading,
Sylvie Matelly, Director