Where will NATO get the money now?

The Munich Security Conference is one of the world’s most influential security forums and is held annually in Munich, Germany. Founded in 1963, the conference was initially dedicated to transatlantic defense issues but has since evolved into a major platform for discussions on global geopolitics, military strategy, energy, cybersecurity, and international diplomacy.

Heads of state and government, foreign and defense ministers, representatives of NATO and the European Union, and leading experts take part in the conference. Although it does not adopt formal decisions, it plays an important role as a venue for shaping global political directions, strengthening dialogue among allies, and enabling open debate on major conflicts. The Munich gathering is often described as the “world’s political barometer,” as speeches and statements made there help signal shifts in the global order.

At this year’s conference, the war in Ukraine, competition with China, instability in the Middle East, artificial intelligence, and energy security dominated the agenda.

What happened in Munich?

From 13–15 February 2026, the 62nd Munich Security Conference took place in Munich, Germany, under the theme “Under Destruction,” signaling a growing recognition among major institutions and world leaders that previous rules of the international order are weakening.

Over three days, the city once again became a center of global diplomacy. More than 100 countries were represented by politicians, diplomats, military officials, experts, and international organizations. Participants included German Chancellor Friedrich Merz, French President Emmanuel Macron, UK Prime Minister Keir Starmer, US Secretary of State Marco Rubio, and Ukrainian President Volodymyr Zelenskyy. Delegations from the United Nations, the Council of Europe, the European Central Bank, NATO leadership, Chinese Foreign Minister Wang Yi, Indian Foreign Minister Subrahmanyam Jaishankar, and Uzbekistan’s delegation led by Foreign Minister Bakhtiyor Saidov also attended.

The 62nd conference was marked by a noticeably sharper tone than in previous years. Key topics included the war in Ukraine, the future of transatlantic relations, Europe’s strategic autonomy, Middle Eastern instability, artificial intelligence and cybersecurity threats, energy security, and the growing role of the Global South. Speakers repeatedly emphasized that the rules-based international order is weakening while the balance of power is taking on a new shape.

The conference focused on reassessing the fragmenting global security system, strengthening trust among allies, and developing a common strategy against emerging threats. In particular, discussions intensified around Europe’s need to strengthen its defense capacity independently amid concerns about reduced US funding for NATO. Although strategic cooperation between the United States and Europe remains intact, differences in approach became increasingly visible.

The three days of discussions in Munich showed that the world is no longer operating under the previous order. The concept of security is expanding, alliances are being reshaped, and political centers of gravity are shifting. The conference became both a forum for debate and a symbolic marker of a new global era.

Europe searches for its own path

Speeches by European leaders suggested that the alliance has yet to reach a unified position on its future without strong US backing. A central question emerged: if the United States becomes less active and less generous in global security, what will Europe do?

Donald Trump’s return to power in the United States has contributed to a weakening of transatlantic ties. His administration has signaled reduced willingness to finance NATO at previous levels. The National Security Strategy released in November 2025 is widely seen as a roadmap for Washington’s future approach toward Europe and NATO. In effect, Europe may have to carry more of its own security burden.

France has taken a leading role in calls for European independence in defense. President Emmanuel Macron once again promoted the idea of “strategic autonomy,” arguing that Europe must strengthen its defense industry, expand military production using internal resources, and make decisions more independently.

“We must rebuild and reorganize our European security architecture. This is the right time for courage. This is the right time for a stronger Europe. Instead of criticizing us, others should learn from us,” Macron said.

He also raised the role of nuclear deterrence in an increasingly unstable global environment, suggesting that France could play a greater leadership role through its nuclear capabilities.

“We must reshape nuclear deterrence within this approach. We are working on a project and will present details in the coming weeks. We have already begun strategic dialogue with Chancellor Merz and several European leaders on how to coordinate our national doctrine within constitutional limits,” he said.

Macron made clear that Europe should no longer rely solely on external guarantees for its security.

German Chancellor Friedrich Merz also warned that the rules of the global order have fundamentally changed and that countries like Germany must rethink their approach to defense.

“You chose the somber slogan ‘Under Destruction’ for this conference. It reflects the reality that the rules-based international order is being dismantled,” he said.

Merz criticized US policies while stressing the importance of revitalizing the transatlantic alliance.

“The illusion that growing interdependence would ensure peace is fading. Great-power politics has its own rules. It is intense, harsh, and often unpredictable. We believe in free trade, not tariffs and protectionism. We remain committed to climate agreements and the World Health Organization because global problems can only be solved together,” he said.

The United Kingdom, despite leaving the European Union in 2021, emphasized its continued security cooperation with Europe. Prime Minister Keir Starmer said Europe must be prepared to defend its people, values, and way of life.

“We are not at a crossroads. The path ahead is clear. We must build our strength, deter aggression, and, if necessary, be ready to fight,” he said.

European Commission President Ursula von der Leyen also stressed the need for greater European responsibility.

“It is time to act. The old system has fundamentally changed. Europe must move forward and take responsibility. A degree of shock therapy will be required,” she said.

She emphasized strengthening partnerships with the United Kingdom and other allies beyond the United States.

“Europe must formalize new security partnerships, starting with our closest partners such as the UK, Norway, Iceland, and Canada. In these uncertain times, Europe and the UK must grow closer in security, economic cooperation, and the defense of democracy,” she said.

However, the discussions also exposed Europe’s internal divisions. With US support potentially shrinking, there is no consensus on how to fill the gap. Eastern European states demand stronger NATO military presence, Southern Europe prioritizes economic pressure and migration, and Western Europe emphasizes industrial and technological independence.

Differences in political positions were clear. Poland and the Baltic states support tougher security measures, while Hungary and some others favor a softer approach toward Russia. This complicates the creation of a unified strategy.

The conference highlighted that Europe stands at a historic turning point. The alliance with the United States remains, but it is no longer an absolute pillar. Europe must rethink its security model and decide whether to become an independent power center or risk fragmentation.

Will peace return to Ukraine?

The war between Russia and Ukraine was one of the most discussed topics at the conference. Nearly five years after the invasion began in 2022, world leaders continue to debate its consequences and future strategies.

President Volodymyr Zelenskyy reaffirmed Ukraine’s readiness for a diplomatic solution but insisted it must preserve the country’s dignity and security. He rejected the idea of ending the war through territorial concessions, comparing it to the failed Munich Agreement of 1938.

“Believing this war can end by dividing Ukraine is an illusion, just as sacrificing Czechoslovakia did not prevent a larger war,” he said.

Zelenskyy noted that despite attacks on power plants, electricity production continues in Ukraine. However, he warned that air-defense missile supplies are running low.

“One of the worst things a wartime leader can hear is that air-defense units are empty and new attacks may come within days. Sometimes we receive missiles for Patriot or NASAMS systems just in time,” he said.

He thanked Germany, Norway, and the Netherlands for their leadership in providing air-defense systems.

Zelenskyy also criticized Iran for supplying drones to Russia.

“Iran’s drones are killing our people and destroying infrastructure,” he said.

He stressed the need for stronger sanctions and security guarantees, warning that Russia does not intend to end the war.

Ukraine is widely seen as a gateway to Europe, and a Russian victory could encourage further aggression. The European Union continues to provide military support to Kyiv, but the war remains unresolved.

On 13 February, the “Berlin Format” dialogue platform was launched during the conference to develop a future strategy with NATO participation.

US Secretary of State Marco Rubio did not attend the meeting, which some interpreted as part of a broader shift in US policy. The Trump administration has pushed for faster peace negotiations and has signaled willingness to consider compromises with Russia, drawing criticism from some analysts.

Although the United States has long been Ukraine’s main supplier of weapons and political support, official thinking in 2026 appears to be shifting. President Trump continues to promote peace talks and seeks a faster end to the war, even if it requires compromise. However, neither Ukraine nor Russia appears satisfied with the proposed approaches.

Zelenskyy’s firm position, Western unity efforts, and US diplomatic initiatives are converging in complex ways. As the war continues, strategic unity between Europe and the United States remains critical.

In conclusion, the 62nd Munich Security Conference took place at a time of major global transformation. Under the theme “Under Destruction,” the forum highlighted the reshaping of the international order.

Munich 2026 showed that the rules-based order is no longer functioning as before. Power balances are shifting, alliances are being reassessed, and every region is being forced to take greater responsibility for its own security. In short, the rules of the game have changed.