The EU just unlocked €90 billion in fresh funding earmarked for Ukraine over the next 24 months. Here's the kicker—they're hitting the capital markets to finance it, as von der Leyen confirmed. This is a massive liquidity play: borrowing on a huge scale to fund geopolitical commitments shifts how markets price risk and allocate capital globally. When governments tap bond markets at this volume, it ripples through asset classes—affecting yields, forex dynamics, and institutional capital deployment. Worth watching how this shapes the macro backdrop heading into 2025.