Research

Global Daily: The beatings will continue until morale improves

23 January 2026 10:47 RaboResearch

The beatings will continue until morale improves, but this abusive dynamic is unproductive: the stated US strategy of wanting a ‘stronger Europe’ to balance China sits awkwardly with tactics that erode mutual trust, seek to split European unity, and invite defensive hedging with other – not necessarily like-minded – parties. Moreover, it may cause Europe’s learned helplessness, its perennial reflex of waiting for Washington to set the terms, to be unlearned in practice.

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Marketing communication / Non-Independent Research. This publication is issued by Coöperatieve Rabobank U.A., registered in Amsterdam, and/or any one or more of its affiliates and related bodies corporate (jointly and individually: “Rabobank”). Coöperatieve Rabobank U.A. is authorised and regulated by De Nederlandsche Bank and the Netherlands Authority for the Financial Markets. Read more