The EU has hollowed out its political project through eastward enlargement, making "Ukraine" its cohesive lifeline - now the problem. No leader has a plan to end the war or finance it without destroying the financial architecture. The loan of 90 billion euros was never a budget item, but only a guarantee under "head margin"; Zelensky is now demanding an additional €70 billion. National contributions will increase by 81% to 235 billion euros. "Simply unlikely," says the Berlin ambassador. Le Pen threatens to cut the welfare contribution to 10 billion euros; A French default could break the eurozone. Winter is really coming. Everything will change, as the ruling elites in Europe try to pretend that nothing did. Gas +206%, diesel +39%, inflation 1.9% 3.8%. Read more by Alastair Crook Read exclusive analysis.

The EU has hollowed out its political project through eastward enlargement, making "Ukraine" its cohesive lifeline - now the problem. No leader has a plan to end the war or finance it without destroying the financial architecture. The loan of 90 billion euros was never a budget item, but only a guarantee under "head margin"; Zelensky is now demanding an additional €70 billion. National contributions will increase by 81% to 235 billion euros. "Simply unlikely," says the Berlin ambassador. Le Pen threatens to cut the welfare contribution to 10 billion euros; A French default could break the eurozone. Winter is really coming. Everything will change, as the ruling elites in Europe try to pretend that nothing did. Gas +206%, diesel +39%, inflation 1.9% 3.8%. Read more by Alastair Crook Read exclusive analysis.