Hello! May I ask if the paper is ready?

Certainement pas en hausse…

Indeed, the theory did not hold seeing the actual market movements. Why would it be different if this happens again?

This. Looking forward to the paper.

Completely agree.

You are right, but you are not answering to the fact that you are confusing the EU with NATO. Please, address the flaws in your reporting, not rude comments in bad English, which are irrelevant.

I understand there is a letter by Rutte saying that the capability plans don’t require the 5%… so not a great argument. Not saying we don’t need to invest more, but let’s not pretend the 5% is a baseless threshold.

Sure. Can you show me the data to specifically gets to 5% defence spending? At what level? In what? For what? Until that’s answered we are not having a serious discussion. I understand the MS need to invest in defence, but it should be done at EU level for synergies, otherwise it won’t mean much

I would say that the opening of Pandora’s box is not knowing if the US will extend protection if Art. 5 is triggered, not that Spain is underfunding defence. Which they are, but also 5% is not a fact based threshold, so …

Excuse me but you are confusing the EU with NATO. I’d say someone of your experience should know the difference.