Mette Frederiksen (and the Nordics)
Denmark’s prime minister stayed largely out of what was framed as a German-led fight, but Frederiksen, whose country holds the rotating presidency of the Council of the EU — and the broader Nordic bloc — quietly backed the “only game in town” narrative.
What resurfaced was a familiar fault line: frugals versus joint debt, this time refracted through a dispute over how to use frozen Russian assets.
In the end, one camp clearly prevailed. Leaders agreed to move toward joint borrowing to cover Ukraine’s financial needs for the next two years, sidelining alternative schemes that had dominated the debate for weeks.
Hungary, Slovakia and Czechia
The trio secured a short-term — and largely financial — win by avoiding direct obligations to send money to Ukraine.
But the victory may prove costly. The money will flow regardless — and a move like this pushes them closer to pariah status inside the EU. Will there be repercussions from the rest of the EU? Time will tell.