Russian incursions into European airspace tense NATO, which must defend and deter threats. Trump’s ambiguity over the US commitment to Europe increases uncertainty. NATO assesses potential threats and proposes measures to strengthen security, including cooperation with Ukraine.
Portugal and Spain responded to the 2022 European energy crisis with domestic and EU policies, including an Iberian mechanism to cap gas prices, sanctions on Russia, and the deployment of renewables. The Iberian Peninsula benefited from liquefied natural gas imports and social acceptance of the energy transition, although the lack of interconnections with Europe limited its contribution to energy security.
Europe faces challenges with Russian military aggression and Chinese technological advancements. The EU must seek strategic autonomy, reform policies, strengthen the defense industry, promote AI, and create an innovation agency for dual-use technologies. Additionally, drive a digital euro, integrate electrical grids, foster a circular economy for critical materials, and reform fiscal rules. Globally, avoid protectionism, lead rule-based trade agendas, and protect global public goods.
At the 80th UN General Assembly, the fracture between Israel, the US and the international community over recognition of Palestine is highlighted, with the US, according to the UK, Canada, Australia, and Portugal. The humanitarian crisis in Gaza persists, and the two-state solution is debated despite Israeli resistance and US support.
Geopolitical tensions affect the global economy, weaken the dollar, generate debt and financial crises, and interfere with markets and banks, potentially causing crises. Financial discipline promotes stability, but international cooperation is required to address structural challenges and implement reforms. Financial digitalization accelerates the circulation of assets and demands global regulatory coordination.
