Is defence spending now sacrosanct in Europe?

Faced with the multiplication of high-intensity crises, from the war in Ukraine to the recent conflicts in the Middle East, Europe is being starkly confronted with the limits of its own military capabilities. As the sustainability of American support within NATO is openly being questioned, European states are embarking on an unprecedented rearmament dynamic. Analysis with Damien Mariette, thematic portfolio manager at CPRAM.