Nicolas Véron - 2026 Outlook: Ukraine, Europe’s Rule of Law, and a Shaky Atlantic

Gunther Fehlinger Podcast · Dec 17, 2025 · 41m · transcript

Short description:

Nicola Veron (Bruegel in Brussels & the Peterson Institute in Washington, DC) explains the EU’s plan to finance Ukraine using immobilized Russian reserves held largely at Euroclear—without confiscation. He breaks down the “reparations loan” structure (EU borrowing + member-state guarantees), why he says it strengthens rule-of-law credibility, and what it means for the euro. Also: Eurobonds, the EU budget (MFF), joint defense procurement, France’s nuclear doctrine, transatlantic relations under Trump, Mercosur, and EU enforcement vs Big Tech (X).

Chapters:

00:02 — Intro &…