A Framework for Reparations-Backed Lending, Applied to Russia’s Frozen Assets
In December 2025, the EU considered using €210 billion in frozen Russian assets to finance Ukraine but stepped back from the plan. Not because the legal case collapsed, but because nobody had priced what the instrument would actually cost and who would carry that cost if it went wrong.
That question has not gone away. It has been deferred to a debate several Member States are already working to reopen.
Casting Euro’s Anchor: Why Europe Needs Its Own Sovereign Asset Now
The EU has quietly become one of Europe’s largest bond issuers. Whether that ambition hardens into something permanent or fades once the crisis money runs out will define the euro area’s financial future.
