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During the first week of March, a major transformation in European economic policymaking took place within the short span of 48 hours. It started in Brussels, where European Commission President Ursula von der Leyen announced an €800 billion "ReArm Europe" plan that would include the suspension of the European Union's fiscal rules for additional defense spending of up to 1.5 percent of GDP by member states as well as €150 billion in loans to supplement national defense budgets. The funding for the loans would be borrowed by the commission on capital markets and passed on to national governments, only the second time in the nearly 70-year history of the EU that collectivized debt, or Eurobonds, has been used to finance common objectives. The first time it happened, during the COVID-19 pandemic, was supposed to be a historic one-time exception rather than a precedent for future action. On its own, ReArm Europe would have signaled a major shift in thinking about the role of economic tools in advancing the EU's g