Escalation?

Geopolitics has taken precedence over economics. That’s a theme we’ve been pushing in this Global Daily for a great number of years. Yesterday’s events proved no different. So instead of discussing the latest report from the OECD on the global economy, or the latest statement from (any) central bank, we start with the NATO statement, which met for the second time in two weeks to discuss matters under Article 4 of the Washington Treaty. This time it was at the behest of Estonia, whose airspace was violated last Friday by three armed Russian jets.