What a Europe-Led NATO Would Look Like

US allies increasingly doubt Washington’s reliability in countering Russia and are debating what it would take to act alone. The shift raises risk of heightened geopolitical uncertainty and potential policy fragmentation among allies. Expect increased volatility in defense-related and broader risk-sensitive markets as contingency planning accelerates.

Analysis

US allies increasingly doubt Washington’s reliability in countering Russia and are debating what it would take to act alone. The shift raises risk of heightened geopolitical uncertainty and potential policy fragmentation among allies. Expect increased volatility in defense-related and broader risk-sensitive markets as contingency planning accelerates.