Macron played key role in EU shift in Ukraine financing mechanism – Politico
French President Emmanuel Macron played a decisive role in derailing a plan to provide Ukraine with a loan to compensate for damages and in the European Union’s shift to an alternative financing mechanism.
Censor.NET reports this, citing Politico.
Turning point
According to the outlet’s sources, the turning point came at around 10:00 p.m. on Thursday, December 18, after EU leaders received an updated legal draft of aid to Ukraine. Italy’s Prime Minister Giorgia Meloni then sharply criticized the proposed reparations-backed loan mechanism.
While some European leaders were caught off guard by this turn of events, France was simultaneously working on a so-called "plan B." It envisaged using joint borrowing or the EU budget reserve as an alternative to the loan mechanism. According to Politico sources, Paris insisted on the need for a fallback option even before the European Council summit began.
Talks with Hungary
Macron’s aides held talks with the Hungarian side to ensure that if the loan failed, Hungarian Prime Minister Viktor Orban would not veto the alternative scenario. Representatives of other countries, including Belgium, were also involved in contacts with Budapest.
In addition, Macron personally spoke with Orban during the summit when the issue of possible Hungarian blocking of decisions escalated. A key signal was the Hungarian prime minister’s assurance that he would not obstruct the use of the EU budget reserve for further financing for Ukraine.
The role of Slovakia and the Czech Republic
Slovakia and the Czech Republic also expressed readiness to support the alternative mechanism provided that they would not participate in the loan for Ukraine. As a result, "plan B," previously considered unlikely, effectively became the only compromise solution.
Despite dissatisfaction among some participants in the talks, European diplomats acknowledge that Macron played the key role in implementing this scenario. One EU official called the French president’s actions a "master class" in diplomacy.
At the same time, Politico notes that Macron’s influence in the EU was for some time weakened by domestic political difficulties in France, which allowed German Chancellor Friedrich Merz to strengthen his position. However, at this summit Macron demonstrated that he remains one of the EU’s most influential leaders.
Background
- Earlier reports said EU leaders on Thursday, December 18, failed to reach an agreement on using frozen Russian assets to finance Ukraine.
- According to DW, Belgium, Hungary, Slovakia, Italy, Bulgaria, Malta and the Czech Republic opposed the proposed mechanism.
- The EU later decided to provide Ukraine with EUR 90 billion in 2026–2027 to support the country’s economy, defense and stability.
