Cash test: can Europe support Ukraine alone?

Summary of Cash test: can Europe support Ukraine alone?

by The Economist

23m•October 21, 2026

Overview of Cash test: can Europe support Ukraine alone?

This episode of The Intelligence centers on whether Europe can keep backing Ukraine if U.S. support continues to weaken under Donald Trump. The discussion argues that Europe is increasingly carrying the financial burden, but still cannot replace several critical American military capabilities. The episode also looks at the rise of private science institutions in the U.S. as a possible new model for research funding, and at a surge in high-value art thefts across European museums.

Can Europe support Ukraine without the U.S.?

Europe is doing more, but not enough

  • Europe is now covering much of Ukraine’s financial needs, including a major loan package earlier this year.
  • Ukraine says it will need even more money next year, putting further pressure on European governments.
  • European states are also supplying more of their own military equipment, including artillery shells.

What only the U.S. can still provide

The episode stresses that several key capabilities are still uniquely American:

  • Early warning of ballistic missile launches
  • Patriot air-defense systems
  • Starlink satellite communications

Europe has alternatives or workarounds for some of these, but none match the scale or reliability of U.S. support.

Trump’s shifting stance

  • Trump is described as increasingly transactional and more willing to accommodate Russia.
  • His posture toward Ukraine may be tied partly to domestic politics and the midterm elections.
  • The episode raises the possibility that if Trump feels politically cornered, he could become even more unpredictable in foreign policy.

Zelensky’s response and the political mood

  • Zelensky is shown as less deferential than before and more willing to criticize Trump.
  • European leaders hope the current phase is temporary, but there is no guarantee things improve after the midterms.
  • The episode warns that Congress may become more outspoken on Ukraine, but Trump still has significant autonomy in foreign affairs.

The rise of private science in America

A new model for research

  • The segment argues that the U.S. is seeing a new wave of private science institutions outside traditional universities and government labs.
  • These organizations are designed to tackle specific scientific problems with clearer endpoints than academia often allows.

Why this is happening

  • Traditional research can get stuck in the “valley of death” between basic discovery and commercialization.
  • Academic incentives do not always favor engineering-heavy or applied work.
  • New institutions aim to fill that gap by helping projects become usable tools, products, or spin-offs.

Examples and funding trends

  • Some groups resemble time-limited, mission-focused nonprofits.
  • Others are modeled loosely on old industrial labs like Bell Labs, but without being tied to a giant corporation.
  • The U.S. government is now encouraging these approaches too, including a National Science Foundation initiative with significant funding for experimental “X labs.”

Main takeaway

The line between academic and non-academic science is blurring. The episode suggests this could produce useful breakthroughs, but it also raises questions about whether all science funding is drifting toward a venture-capital style, high-risk/high-reward model.

Why European museum thefts are rising

A growing security problem

  • The episode highlights a dramatic heist in Vienna, where thieves stole a diamond necklace from the Museum of Applied Art.
  • The robbery was low-tech but effective: the thieves entered as visitors, used a hammer to smash the case, and escaped on foot.

Why museums are vulnerable

  • Many European museums are housed in older buildings that are difficult to secure.
  • Smaller museums often have limited security budgets despite holding extremely valuable objects.
  • Thieves increasingly target gold, jewelry, and other easily resellable items rather than famous paintings.

Possible solutions

  • Better screening, including metal detectors
  • AI-assisted camera monitoring
  • More secure display cases

But all of these cost money, and museum directors often prefer to spend on exhibitions and visitor appeal rather than security.

Key takeaways

  • Europe is increasingly the main financial backer of Ukraine, but it cannot replace all U.S. military support.
  • Trump’s foreign-policy stance remains volatile, and the midterms may not resolve the uncertainty.
  • Private science is emerging as a serious complement to academic research, especially for applied and interdisciplinary problems.
  • European museums face a worsening theft problem, with security lagging behind the value of the treasures they hold.