How EU Leaders Struck a €90 Billion Deal for Ukraine

EU leaders had a lot on their plates during their final meeting of the year. While the official agenda focused on EU expansion, the real talk was about Ukraine's financial future. The initial plan was to use frozen Russian assets in Belgium to fund Ukraine, but this idea faced strong opposition. Belgium's prime minister, Bart de Wever, was a key figure in this debate. He argued that using Belgian-held assets could harm the country's financial sector and the broader eurozone. Other leaders, like Italy's Giorgia Meloni and Hungary's Viktor Orbán, also raised concerns. Orbán even joked about the situation, adding some levity to the tense discussions.The plan to use frozen Russian assets was eventually abandoned. Instead, the EU agreed to issue joint debt backed by the EU budget to fund Ukraine. This alternative plan, known as "enhanced cooperation, " allowed some countries to opt out while others contributed. Orbán, Babiš, and Fico, leaders from Hungary, Czech Republic, and Slovakia, respectively, agreed to this approach. The deal was a significant victory for Ukraine, ensuring it would receive the necessary funds. However, it was a setback for German Chancellor Friedrich Merz and Commission President Ursula von der Leyen, who had strongly supported the original plan. The final agreement also included a vague mention of possibly using frozen Russian assets in the future, but no clear plan was outlined. This summit showed that the EU can make big decisions even when not all members agree. It proved that the EU can find solutions and move forward, despite its complexities.