Russia's War Is Grinding On In Eastern Ukraine, And France's Macron Wants Europe To Prepare For A 'wartime Economy'

Smoke rises over Severodonetsk during fighting between Ukrainian and Russian troops, June 2, 2022.ARIS MESSINIS/AFP via Getty Images Emmanuel Macron says Europe needs a "wartime economy" to deal with the geopolitical and economic impact of the war in Ukraine. France's president has advocated European strategic autonomy to enable the continent to better defend itself. Amid unprecedented times, economic actors need to move faster, for cheaper, and innovate more quickly, Macron says. With the war in Ukraine at its four-month mark, French President Emmanuel Macron says France and Europe need to prepare for a "wartime economy" in order to deal with the geopolitical and economic effects that continue to ripple across the continent.In the inaugural address at Eurosatory 2022, a defense and security industry exhibition, on June 13, the French president called the times "unprecedented" and said it is necessary for not only states but all economic agents to move faster, at a lower cost, and innovate more rapidly to address the new challenges.Macron added that there can be no "national security, strategic autonomy, and therefore no peace" if those actors don't adapt to the current geopolitical conditions.Fired up spendingTanks on the Champs Elysees during the Bastille Day parade in Paris, July 14, 2017.Associated PressTo facilitate this adaptation, Macron requested an adjustment to the French Ministry of the Armed Forces' defense spending plan to reflect the new geopolitical situation and to give the French military the means to handle the current threats.In 2020, the French defense budget rose to 2.1% of GDP.