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The European Union and Achieving Peace in Ukraine

Author

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  • Corneo Giacomo

    (Department of Economics, Freie Universität Berlin, Boltzmannstr. 20, 14195, Berlin, Germany)

Abstract

The war between Ukraine and Russia does not only harm their respective populations: the rest of Europe is heavily affected. While some welfare losses for the EU are salient, the most significant one is not: it is the risk that the war escalates into a major nuclear conflict. A promising policy to minimize those losses exploits the desire of both Ukrainians and Russians to join the EU. I propose that they should if they immediately cease all fighting and subscribe to a distinctive, incentive-compatible, peace agreement brokered by the EU. Such an agreement would come at small costs to the EU, costs that would vanish in comparison to the risk of nuclear holocaust.

Suggested Citation

  • Corneo Giacomo, 2023. "The European Union and Achieving Peace in Ukraine," Peace Economics, Peace Science, and Public Policy, De Gruyter, vol. 29(4), pages 289-299, December.
    • Handle: RePEc:bpj:pepspp:v:29:y:2023:i:4:p:289-299:n:3
    DOI: 10.1515/peps-2023-0055
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    References listed on IDEAS

    as
    1. Keynes, John Maynard, 1919. "The Economic Consequences of the Peace," History of Economic Thought Books, McMaster University Archive for the History of Economic Thought, number keynes1919.
    2. Michael D. Intriligator & Dagobert L. Brito, 1987. "Can Arms Races Lead to the Outbreak of War?," International Economic Association Series, in: Christian Schmidt (ed.), The Economics of Military Expenditures, chapter 9, pages 180-196, Palgrave Macmillan.
    Full references (including those not matched with items on IDEAS)

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    More about this item

    Keywords

    Ukraine war; European Union; Nuclear risk;
    All these keywords.

    JEL classification:

    • H56 - Public Economics - - National Government Expenditures and Related Policies - - - National Security and War
    • H70 - Public Economics - - State and Local Government; Intergovernmental Relations - - - General

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